Fund updates

Objective and policy changes

View the funds that have changed their investment objectives and/or policies recently. We list the old and the new objective.

Effective date: 01 October 2016

Kames UK Equity Absolute Return Fund Acc (AEABA)

Kames UK Equity Absolute Return B Acc (AEABS)

Old Objective To provide capital growth over a rolling 12 month period, regardless of market conditions. New Investment Objective The investment objective is to achieve a positive return over a 36 month period in all market conditions. By investing in the Fund, capital is at risk. There is no guarantee that the Fund will deliver positive returns over this, or any, time period.

Effective date: 01 October 2016

Schroder Euro Absolute Target P2 Acc Hdg (CZABT)

Schroder Euro Eq Absolute Rtrn P1 Acc H (CZUKA)

Old Objective The objective of the Fund is to achieve positive returns (greater than zero) over a rolling three-year period in all market conditions by investing in European equities. Positive returns are not guaranteed over this or longer periods of time and the Fund may not achieve this objective. There is a risk to an investor's capital. Investors may not get back the amount originally invested. New Investment Objective The Fund aims to achieve an absolute return by investing in equity and equity related securities of European companies. Absolute return means the Fund seeks to provide a positive return over rolling 12-month periods in all market conditions, but this cannot be guaranteed and your capital is at risk.

Effective date: 24 September 2016

JPM Cautious Managed Fund C Net Acc (SPCRA)

JPM Cautious Managed Fund C Net Inc (SPCRI)

JPM Cautious Managed Fund A Acc (SPCTA)

Old Objective The Fund aims to provide income and long-term capital growth by investing in a global portfolio of assets. The Fund will primarily invest in Debt Securities (which may include Below-Investment Grade Bonds and Unrated Securities), Convertible Bonds, Equity securities (which may include smaller companies) and short-term securities. Issuers of securities may be located in any country, including Emerging Markets and the Fund may invest in assets denominated in any currency. New Investment Objective The Fund aims to achieve capital growth in excess of its benchmark by investing in a global portfolio of assets. The Fund will primarily invest in Debt Securities (which may include Below-Investment Grade Bonds and Unrated Securities), Convertible Bonds, Equity securities (which may include smaller companies) and short-term Securities Issuers of securities may be located in any country, including Emerging Markets and the Fund may invest in assets denominated in any currency. The Fund uses an investment process based on macroeconomic research to identify global investment themes and opportunities. The Investment Adviser has a flexible approach to asset allocation, with a minimum allocation of 50% of the Fund’s assets to Debt Securities. Asset and country allocations may vary over time to reflect market conditions and opportunities. The Fund may invest up to 90% in government and public securities . The Fund may use Financial Derivative Instruments (derivatives) for investment purposes or Efficient Portfolio Management, including hedging, where appropriate. The Fund’s assets will be primarily either denominated in Sterling or hedged back to Sterling.

Effective date: 01 September 2016

Aberdeen Managed Distribution Fund Inc (DBMDI)

Aberdeen Managed Distribution Fund Acc (DBMDA)

Aberdeen Managed Distribution I Inc (ABMNI)

Aberdeen Managed Distribution I Acc (ABMNA)

Old Objective The objective is to achieve both capital growth and an attractive level of income from a diversified portfolio. The Fund may invest in transferable securities and may also hold units in collective investment schemes (in particular, schemes managed by the Investment Adviser), money market instruments, warrants, derivatives and forward transactions, cash and near cash deposits. New Investment Objective The Fund’s investment objective is to provide income combined with long term capital growth. It will aim to achieve this by investing in a globally diversified portfolio of assets. The majority of the Fund will be exposed to Equity and Equity-Related securities, Investment grade and sub-Investment grade Debt and debt-related securities issued by governments, government-related bodies, and corporations. The remainder of the Fund may be exposed to cash, cash equivalents, deposits, money market instruments and alternative assets including property and infrastructure. The Fund’s holdings may include exposure to emerging markets. The Fund may not include exposure to all of the stated asset classes at any point in time. The Fund is multi-asset in nature and the Investment Adviser has the flexibility to amend the allocation between different asset classes in line with its view on markets in order to achieve the Fund’s objective.

Effective date: 01 August 2016

Schroder Global Real Estate Sec Acc (SCGPA)

Schroder Global Real Estate Sec Inc (SCGPI)

Schroder Global Real Estate Sec Z Acc (SZGPA)

Schroder Global Real Estate Sec Z Inc (SZGPI)

Old Objective To provide a total return primarily through investment in real estate investment trusts, equity and debt securities of other types of property companies worldwide. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, derivatives, cash, deposits, warrants and money market instruments.New Investment Objective The Fund aims to provide income and capital growth by investing in equity and equity related securities of real estate companies worldwide. The Fund invests at least 80% of its assets in equity and equity related securities of real estate companies worldwide which generate the majority of their earnings from real estate investment related activities. The Fund seeks exposure to companies that invest in cities that the manager believes will exhibit continued economic growth, supported by factors such as strong infrastructure and supportive planning regimes. The Fund may also invest in collective investment schemes that invest in equity and equity related securities of real estate companies, warrants and money market instruments, and may hold cash.

Effective date: 25 July 2016

Aberdeen Glb Emrg Mkts Smlr Cmps F R-2 A (ABGSA)

Old Objective Long-term total return by investing in the equity of Smaller Companies in Emerging Market countries. For full investment objective and policy details refer to the Prospectus.New Investment Objective The Fund's investment objective is long-term total return to be achieved by investing at least two-thirds of the Fund’s assets in equities and equity-related securities of Smaller Companies with their registered office in an Emerging Market country; and/or, of Smaller Companies which have the preponderance of their business activities in an Emerging Market country; and/or, of holding companies that have the preponderance of their assets in Smaller Companies with their registered office in an Emerging Market country. For the purpose of this Fund, Smaller Companies are defined as companies with a market capitalisation in the Base Currency of the Fund, as at the date of investment, of under US$5 billion.

Effective date: 25 July 2016

Aberdeen Global Asian Smaller Com Acc (ABASA)

Old Objective The Fund's investment objective is long-term total return to be achieved by investing at least two-thirds of the Fund's assets in equities and equity-related securities of Smaller Companies with their registered office in an Asia Pacific (excluding Japan) country; and/or, of Smaller Companies which have the preponderance of their business activities in an Asia Pacific country (excluding Japan); and/or, of holding companies that have the preponderance of their assets in Smaller Companies with their registered office in an Asia Pacific country (excluding Japan). For the purpose of this Fund, Smaller Companies are defined as companies with a market capitalisation in the Base Currency of the Fund, as at the date of initial investment, of under US$2.5 billion and a maximum market capitalisation of US$5 billion.New Investment Objective The Fund’s investment objective is long-term total return to be achieved by investing at least two-thirds of the Fund’s assets in equities and equity-related securities of Smaller Companies with their registered office in an Asia Pacific (excluding Japan) country; and/or, of Smaller Companies which have the preponderance of their business activities in an Asia Pacific country (excluding Japan); and/or, of holding companies that have the preponderance of their assets in Smaller Companies with their registered office in an Asia Pacific country (excluding Japan). For the purpose of this Fund, Smaller Companies are defined as companies with a market capitalisation in the Base Currency of the Fund, as at the date of investment, of under US$5 billion.

Effective date: 01 July 2016

Baillie Gifford High Yield Bond A Inc (BFHYI)

Baillie Gifford High Yield Bond B Acc (BFYBA)

Baillie Gifford High Yield Bond B Inc (BFYBI)

Old Objective The objective is to produce a high level of return by investing in a diversified portfolio consisting primarily of sub-investment grade bonds. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective with the intention of either protecting or enhancing the return on the Fund.New Investment Objective The objective is to produce a high level of return by investing in a diversified portfolio consisting primarily of sub-investment grade bonds. Currency forwards and derivatives may be used from time to time in keeping with the Fund’s objective with the intention of either protecting or enhancing the return on the Fund. No more than 10% in value of the property of the Fund will be invested in units of other collective investment schemes.

Effective date: 30 June 2016

Baillie Gifford Greater China Fund Acc (BFGCA)

Baillie Gifford Greater China Fund B Acc (BFGBA)

Baillie Gifford Greater China B Inc (BFGCI)

Old Objective The objective is to produce attractive capital growth over the long term by investing in the shares of companies listed on the stock exchanges of mainland China, Hong Kong or Taiwan and in addition by investing in the shares of companies listed on other exchanges which derive the majority of their revenues or profits from one or more of mainland China, Hong Kong and Taiwan. From time to time the portfolio may be concentrated and contain around only forty stocks. New Investment Objective The objective is to produce attractive returns over the long term, principally through capital growth. The Fund will invest principally in the equities of smaller companies, in any economic sector that are either incorporated, domiciled or conduct a significant proportion of their business in the UK. The Fund may also invest in smaller companies that have their primary listing on the London Stock Exchange. The ACD will determine from time to time what constitutes a smaller company. Up to (but no more than) 10% in value of the Fund may be invested in each of the following: collective investment schemes and deposits.

Effective date: 30 June 2016

Baillie Gifford British Small Cos A Acc (BFBSA)

Baillie Gifford British Sm Comp B Acc (BFBAA)

Baillie Gifford British Sm Comp B Inc (BFBAI)

Old Objective The objective is to produce attractive returns over the long term, principally through capital growth, by investing, whether directly or indirectly, in the United Kingdom, principally in smaller companies, in any economic sector. The ACD will determine from time to time what constitutes smaller companies.New Investment Objective The objective is to produce attractive returns over the long term, principally through capital growth. The Fund will invest principally in the equities of smaller companies, in any economic sector that are either incorporated, domiciled or conduct a significant proportion of their business in the UK. The Fund may also invest in smaller companies that have their primary listing on the London Stock Exchange. The ACD will determine from time to time what constitutes a smaller company. Up to (but no more than) 10% in value of the Fund may be invested in each of the following: collective investment schemes and deposits.

Allianz Sterling Total Return Inc (DSPBI)

Allianz Sterling Total Return Fund C In (DSSTI)

New Investment Objective The Fund aims to maximise total return primarily through investment directly in debt securities or by gaining exposure indirectly through the use of derivatives. The Fund will invest internationally although at least 80% of its assets shall be invested in Sterling denominated (or hedged back to Sterling) debt securities. Investors should be aware that the Fund’s capital is at risk and there is no guarantee that the Fund will achieve its investment objective over any particular period or at all. We may invest in treasury bills, certificates of deposit, medium term notes, private placements, structured notes, preference shares, convertible bonds, gilts, investment grade and below investment grade bonds, bonds of emerging markets issuers, agency bonds and asset or mortgage backed securities or floating rate notes, deposits, derivatives, collective investment schemes and other money market instruments. We may invest up to 50% of the fund’s assets in high yield securities and unrated securities of similar credit quality. More than 35% of the value of the property of the Fund may be invested in Government and public securities issued or guaranteed by the following states; the UK, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden and Switzerland. The Fund may use derivative instruments such as futures, options, options on swaps, swap agreements (e.g. interest rate swaps, credit default swaps and index swaps) and currency forward contracts. The Fund may use the derivative instruments listed above for hedging purposes and/or for investment purposes, which may be up to a significant degree.

Effective date: 20 June 2016

Aberdeen World Government Bond I Acc (ABWCA)

Aberdeen World Government Bond I Inc (SIWCI)

Old ObjectiveThe Fund aims to provide a combination of income and capital growth by investing predominantly in global Debt and debt-related securities issued by governments, public bodies and supra-national issuers. The Fund may also invest in other transferable securities, including Investment Grade corporate Debt and debt-related securities, as well as money market instruments, deposits, cash and near cash, derivatives and units in collective investment schemes (including other funds managed by the Investment Adviser or its affiliates).New Investment Objective The Fund aims to provide a combination of income and capital growth by direct and indirect investment predominantly in Debt and Debt-related securities issued by governments, public bodies and supra-national issuers domiciled globally. The Fund may also invest in other transferable securities, money market instruments, deposits, cash, near cash, shares in collective investment schemes (including other funds managed by the Investment Adviser or its affiliates) and derivatives (for efficient portfolio management only). The Fund may invest up to 20% in Sub-Investment Grade Debt and Debt-Related Securities. It is not currently intended that derivatives will be used for any purpose other than efficient portfolio management (including hedging). Derivatives may be used for investment purposes in future on giving not less than 60 days’ notice to Shareholders. If derivatives are used for investment purposes in this way, it is not intended that such usage would raise the risk profile of the Fund.

Effective date: 01 June 2016

Schroder ISF Global Equity Yield (SDGEY)

Old ObjectiveThe fund aims to provide capital growth and income.New Investment Objective The Fund aims to provide income and capital growth by investing in equity and equity related securities of companies worldwide. At least two-thirds of the Fund's assets (excluding cash) will invest in equity and equity related securities of companies worldwide. The Fund will invest in a diversified portfolio of equity and equity related securities whose dividend yield in aggregate is greater than the average market yield. Equities with below average dividend yield may be included in the portfolio when the Investment Manager considers that they have the potential to pay above average yield in future. The Fund will not be managed for yield alone: total return (dividend yield plus capital growth) will be equally important. The Fund may invest directly in China B-Shares and China H-Shares and may invest up to 10% of its assets in China A-Shares through Shanghai-Hong Kong Stock Connect. The Fund may invest in financial derivative instruments including futures, forwards and options for investment purposes as well as for efficient portfolio management. The Fund may also hold cash.

Effective date: 26 May 2016

Allianz BRIC Stars Fund (DSBRC)

Allianz BRIC Stars Fund C Acc (DSBCC)

New Investment Objective The Fund aims to achieve capital growth in the long term by investing mainly in the equity markets of countries which are represented in the MSCI Emerging Markets Index (each an “Emerging Market Country” and together “Emerging Market Countries”). The ACD will invest at least 80% of the Fund’s assets in equities and securities equivalent to equities (e.g. American Depositary Receipts, Global Depositary Receipts, equity linked notes etc.) in the equity markets of Emerging Market Countries. The following may also be acquired and counted towards the 80% limit; warrants, index certificates, certificates on adequately diversified equity baskets that apply to at least 10 equities and other transferable securities. Up to 20% of the Fund’s assets may be invested outside Emerging Market Countries (as defined above) including developed economies and / or other emerging markets. The ACD may also utilise deposits in the management of the portfolio. The Fund may also invest in collective investment schemes. Money market instruments may be acquired and their value, together with money market funds, may make up to a maximum of 20% of the Fund's assets.

Effective date: 09 May 2016

Stewart Investors Asia Pacific B Inc (FTPBI)

Stewart Investors Asia Pacific B Acc (FTAPB)

Stewart Investors Asia Pacific A Inc (FTASI)

Stewart Investors Asia Pacific A Acc (FTASP)

New Investment Objective The fund aims to achieve long-term capital growth. The fund invests in equities issued by companies that are incorporated or listed, or which conduct the majority of their economic activity, in the Asia Pacific region (excluding Japan, Including Australasia). "Australasia" refers to Australia, New Zealand and south East Asian Countries.

Effective date: 09 May 2016

Stewart Investors Asia Pacf Leaders B Ac (FTALB)

Stewart Investors Asia Pacf Leaders A Ac (FTASL)

Stewart Investors Asia Pacf Leaders Inc (FTALI)

Stewart Investors Asia Pacf Leaders B In (FTABI)

New Investment Objective The fund aims to achieve long-term capital growth. The fund invests in large and mid capitalisation equities issued by companies that are incorporated or listed, or which conduct the majority of their economic activity, in the Asia Pacific region (excluding Japan, Including Australasia). Particular consideration is given to Investment in companies that are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. Large and Mid-Capitalisation typically refers to equities with a minimum market capitalisation of US$ 1 billion and minimum free float of US$ 500 million. "Australasia" refer to Australia, New Zealand and other South East Asian Countries.

Effective date: 09 May 2016

Stewart Investors Asia Pac Sustain B Acc (FTPBA)

Stewart Investors Asia Pac Sustain A Acc (FTPSA)

New Investment Objective The fund aims to achieve long-term capital growth. The fund invests in equities issued by companies that are incorporated or listed, or which conduct the majority of their economic activity, in the Asia Pacific region (excluding Japan, Including Australasia.) The fund invests in companies which are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. The fund’s emphasis on sustainable development incorporates three key features in making investment decisions: Company classification (identifying companies, whose management are believed able to manage sustainability risks and opportunities facing their companies, seeking out sustainable companies with a positive sustainable development impact) ; Integration of environmental, social and corporate governance factors into investments analysis and Engagement with and exit from companies based on our own research and external global norms-based screening (the fund manager will engage senior management on any identified environment, social and governance issues, and exit a stock if insufficient progress is made). “Australasia” refers to Australia, New Zealand and other South East Asian countries.

Effective date: 09 May 2016

Stewart Investors Indian Subcont Cl B Ac (FTIBA)

Stewart Investors Indian Subcont Cl A Ac (FTIND)

New Investment Objective The fund aims to achieve long-term capital growth. The fund will comprise investments in a diversified portfolio of companies of the Indian subcontinent. The fund concentrates on securities that are listed, traded or dealt in on Regulated Market in the Indian subcontinent and instruments issued by companies established, operating or having a predominant part of their economic activities in the Indian subcontinent and listed on other regulated markets. Particular consideration is given to investment in companies that are positioned to benefit from, and contribute to , the sustainable development of the countries in which they operate.

Effective date: 03 May 2016

Premier Defensive Growth Fund C Inc (PMDFI)

Premier Defensive Growth Fund C Acc (PMGCA)

New Investment Objective The Fund aims to generate positive returns over a rolling 36 months basis. However, there Is no guarantee that this objective will be achieved over that specific, or any, time period and there is always a risk of loss to your original capital.

Effective date: 03 May 2016

Architas MA Passive Prudent A Acc (ACPPA)

Architas MA Passive Prudent D Acc (ACRDA)

New Investment Objective The asset classes held in the Fund will be determined by a model that seeks to achieve a volatility level consistent with the Fund’s investment objective. The actual financial instruments held by the Fund will, wherever practicably possible, be of a ‘passive’ nature: that is to say, collective investment schemes or other financial instruments that seek to track the performance of investment indices.

Effective date: 01 May 2016

Aberdeen World Em Markets Equity A Acc (SIEMS)

Aberdeen World Emerging Market Eq B Acc (SIEMA)

New Investment Objective The Fund aims to achieve long-term capital growth by investing in equity and equity-related securities of companies in emerging stock markets worldwide or companies with significant activities in emerging markets. The investment policy of the Fund is to invest primarily in equities and equity-related securities of companies that are constituents of the MSCI Emerging Markets Index. The Fund will use a variety of quantitative techniques, based on statistical and numerical analysis, adopting a disciplined and rigorous approach to both stock selection and portfolio construction, whilst seeking to maintain a level of risk similar to that of the MSCI Emerging Markets Index. Equity-related securities include, but are not limited to, depository receipts, convertible securities, equity-linked notes (debt securities linked to the performance of an equity security) warrants, and bonds convertible into common or preferred shares. The Fund may also invest in other transferable securities.

Effective date: 28 April 2016

Legal & General Cash Trust R Acc (LGCTA)

Old Investment ObjectiveThe objective of this fund is to generate income into the fundNew Investment Objective The investment objective of the Trust is to maintain capital and to provide a return in line with money market rates, before charges.The Trust will generally invest in short-term deposits, certificates of deposit, government bonds issued in pounds sterling and Repos. The maximum maturity of these instruments is 397 days but the Trust must maintain a weighted average maturity of less than 60 days.The bonds that the Trust invests in must be investment grade (rated as lower risk).The Trust may also invest in other fixed income securities, other money market instruments and collective investment schemes. The Trust may use derivatives for efficient portfolio management purposes only. Where the Manager considers it appropriate, for example, in times of market stress, the Trust may be significantly invested in government and public securities.

Effective date: 28 April 2016

Legal & General Cash Trust I Acc (LGCSA)

Old Investment ObjectiveThe objective of this fund is to generate income into the fund. The fund will invest between 60% and 100% in overnight and short-term deposits with major financial organisations such as banks and building societies. The fund may also invest in other types of deposits or money market instruments and cash. Money market instruments are a type of security where cash can be deposited for short periods of time. The deposits and money market instruments will be repayable by the issuer within one year. Your units will be accumulation units. Income from investments held by the fund (interest) will be reinvested into the value of your units. You can buy or sell units in this fund on any working day. You need to contact us with your instruction before 12 noon. This is the time we calculate unit prices for this fund. If you contact us after 12 noon, the units will be bought or sold at the next working day's price.New Investment Objective The investment objective of the Trust is to maintain capital and to provide a return in line with money market rates, before charges.The Trust will generally invest in short-term deposits, certificates of deposit, government bonds issued in pounds sterling and Repos. The maximum maturity of these instruments is 397 days but the Trust must maintain a weighted average maturity of less than 60 days.The bonds that the Trust invests in must be investment grade (rated as lower risk).The Trust may also invest in other fixed income securities, other money market instruments and collective investment schemes. The Trust may use derivatives for efficient portfolio management purposes only. Where the Manager considers it appropriate, for example, in times of market stress, the Trust may be significantly invested in government and public securities.

Effective date: 21 March 2016

IFSL Brooks Macdonald Def Capital A Acc (BMDAA)

IFSL Brooks Macdonald Defensive Cp B Acc (BMDCA)

Old Investment ObjectiveThe fund aims to increase the value of your shares over the longer term.New Investment Objective To achieve consistent long-term capital growth and positive absolute returns over rolling three year periods through a portfolio of defined return assets, such as preference shares, loan notes, convertibles, structured notes and other defined return investments, including collective investment schemes and transferable securities, that do not require market growth to provide a positive capita return and are supported by significant underlying asset cover. Returns are not guaranteed over any time period therefore capital is at risk.

Effective date: 19 February 2016

Schroder Global Property Inc Maxim Z Inc (SZPMI)

Schroder Global Property Inc Maxim Z Acc (SZPMA)

Schroder Glbl Prprty Incme Maximiser Inc (SCMXI)

Schroder Glbl Prprty Incme Maximiser Acc (SCMXA)

Old Investment ObjectiveThe Fund’s investment objective is to provide income with potential for capital growth primarily through investment in real estate investment trusts, equity and equity-related securities and debt securities of property companies worldwide.New Investment Objective The Fund aims to provide income and capital growth over the long term by investing globally in the equities of real estate companies that offer sustainable dividend payments.

Effective date: 01 February 2016

JPM Multi-Asset Macro C Inc (SPMCI)

JPM Multi-Asset Macro C Acc (SPMCA)

Old Investment ObjectiveThe Fund aims to provide positive investment returns over rolling 12 month periods in any market conditions. There is no guarantee that positive investment returns will be achieved over this period or any time period, and your capital is in fact at risk.New Investment Objective The Fund aims to provide positive investment returns over a rolling 3 year period in all market conditions by investing in securities globally, using financial derivative instruments where appropriate. A positive return is not guaranteed over this or any time period and a capital loss may occur. where appropriate. A positive return is not guaranteed over this or any time period and a capital loss may occur.

Effective date: 24 November 2015

Legg Mason IF WS Glbl Blu Chip Bnd X Inc (LMBXI)

Old Investment ObjectiveTo achieve a total return via income yield and capital appreciation while seeking to mitigate capital erosion.New Investment Objective To provide a regular income stream, in excess of the prevailing level of interest rates in the U.K., with a focus on capital preservation. The Fund seeks to achieve its objective by investing in a range of fixed interest securities including but not limited to corporate bonds, government bonds and asset backed securities. The Fund will invest a minimum of 60% of the Fund’s net asset value in global investment grade corporate bonds and UK government bonds. In addition, the Fund may invest up to 35% of its net asset value in global high yield bonds. The Fund may also invest in other transferable securities, money market instruments, deposits, collective investment schemes and derivatives for efficient portfolio management only. Any instrument denominated in a currency other than Pounds sterling will normally be hedged back to Pounds sterling.

Legg Mason IF WS Glbl Blue Chip Bnd A In (LMMTI)

Old Investment ObjectiveThe funds goal is to achieve growth of your investment, principally through investment in European companies, including those companies whose activities are based in the less developed European markets.New Investment Objective To provide a regular income stream, in excess of the prevailing level of interest rates in the U.K., with a focus on capital preservation. The Fund seeks to achieve its objective by investing in a range of fixed interest securities including but not limited to corporate bonds, government bonds and asset backed securities. The Fund will invest a minimum of 60% of the Fund’s net asset value in global investment grade corporate bonds and UK government bonds. In addition, the Fund may invest up to 35% of its net asset value in global high yield bonds. The Fund may also invest in other transferable securities, money market instruments, deposits, collective investment schemes and derivatives for efficient portfolio management only. Any instrument denominated in a currency other than Pounds sterling will normally be hedged back to Pounds sterling.

Effective date: 23 November 2015

FP Russell Multi Asset Growth Fund A In (RSMGI)

FP Russell Multi Asset Growth Fund A Ac (RSMGA)

FP Russell Multi Asset Growth Fnd C Inc (RSGWI)

FP Russell Multi Asset Growth Fnd C Acc (RSGWA)

New Fund PolicyThe Fund may invest up to 75% of the scheme property in riskier assets providing potential for more aggressive growth, such as equities, indirect exposure to listed real estate, listed infrastructure and commodities.

Effective date: 06 November 2015

M&G International Specialist Equity Inc (MGIEI)

M&G International Specialist Eqty I Acc (MGIQA)

M&G International Specialist Eqty I Inc (MGIQI)

New Investment PolicyThe Fund invests principally in the equities of UK companies with high growth potential with the sole objective of capital growth. The Fund may at any time be concentrated in a limited number of equities. Income considerations are ignored.

Effective date: 06 November 2015

M&G UK Growth Fund A Acc (MEUKA)

M&G UK Growth Fund A Inc (MGUKI)

M&G UK Growth Fund I Acc (MGUWA)

M&G UK Growth Fund I Inc (MGUWI)

M&G UK Growth X Acc (MGUGA)

M&G UK Growth X Inc (MGUGI)

Old Investment ObjectiveThe Fund invests principally in UK companies with high growth potential with the sole objective of capital growth. Income considerations are ignored.New Investment Objective The Fund invests principally in the equities of UK companies with high growth potential with the sole objective of capital growth. The Fund may at any time be concentrated in a limited number of equities. Income considerations are ignored.

Effective date: 06 November 2015

M&G Pan European Fund A Acc (MGPEA)

M&G Pan European Fund A Inc (MGPEI)

M&G Pan European Fund I Acc (MGPAA)

M&G Pan European Fund I Inc (MGPAI)

M&G Pan European X Acc (MGEBA)

M&G Pan European X Inc (MGEBI)

Old Investment ObjectiveThe Fund invests mainly in European (including UK) companies. The objective is to maximise long term total return (the combination of income and growth of capital).New Investment ObjectiveThe Fund invests wholly or mainly in European (including UK) companies. The Fund may also invest in companies outside Europe but only when these companies derive.

Effective date: 06 November 2015

M&G Global Growth Fund A Acc (MGILA)

M&G Global Growth Fund A Inc (MGILI)

M&G Global Growth Fund I Acc (MGLRA)

M&G Global Growth Fund I Inc (MGLRI)

M&G Global Growth X Acc (MGIGA)

M&G Global Growth X Inc (MGIGI)

Old Investment ObjectiveThe Fund aims to maximise long term total return (the combination of capital growth and income) by investing mainly in a wide range of global equities. The Fund will invest globally (including the UK) in the equities of companies across a wide range of geographies, sectors and market capitalisations. Income is of secondary importance to capital growth when investments are selected.New Investment Objective The Fund will invest globally (including the UK) in the equities of companies across a wide range of geographies, sectors and market capitalisations. Income is of secondary importance to capital growth when investments are selected. The Fund may at any time be concentrated in a limited number of equities.

Effective date: 06 November 2015

M&G European Fund A Acc (MGEPA)

M&G European Fund A Inc (MGEPI)

M&G European Fund I Acc (MGENA)

M&G European Fund I Inc (MGENI)

M&G European X Acc (MGEUA)

M&G European X Inc (MGEUI)

Old Investment ObjectiveThe Fund's prime objective is long term capital growth from a diversified portfolio of European securities, though it may also invest in companies which are listed or registered outside Europe but trade within it. Income is of secondary importance when investments are selected.New Investment Objective The Fund’s prime objective is long term capital growth. It invests wholly or predominantly in a diversified portfolio of securities of European (excluding United Kingdom) issuers. When not wholly invested as above, it may also invest in companies which are listed or registered.

Effective date: 26 October 2015

Baring Multi Asset Fund Class I GBP Inc (BIMAI)

Old Investment ObjectiveThe objective of the Fund is to maximise total return through dividend yield and capital appreciation. The ACD aims to achieve the objective by investing in high yielding or undervalued securities of companies in Asia, excluding Japan.New Investment Objective The objective of the Fund is to maximise total return through dividend yield and capital appreciation. We aim to achieve the objective by investing in high yielding or undervalued securities of companies in Asia, excluding Japan. The portfolio will consist of a concentrated range of securities from any sector in the MSCI AC Asia ex Japan Index and may include the securities of smaller companies. We may also utilise deposits and money market instruments in the management of the portfolio. We may also invest in collective investment schemes.

Effective date: 26 October 2015

Baring Multi Asset Fund Acc (BRMAA)

Old Investment ObjectiveThe investment objective of the Fund is to generate a capital return which exceeds UK inflation over the medium to long term.New Investment Objective The investment objective of the Fund is to generate a capital return in excess of UK inflation (RPI) over a three year period. There is no guarantee that this objective will be achieved over the three year period, or any other period, and the capital value of the Fund is at risk.

Effective date: 26 October 2015

Baring Multi Asset Fund Inc (BRMAI)

Old Investment ObjectiveThe investment objective of the Fund is to generate a capital return which exceeds UK inflation over the medium to long term.New Investment Objective The investment objective of the Fund is to generate a capital return in excess of UK inflation (RPI) over a three year period. There is no guarantee that this objective will be achieved over the three year period, or any other period, and the capital value of the Fund is at risk.

Effective date: 26 October 2015

Baring Multi Asset Fund Class I GBP Acc (BRMUA)

Old Investment ObjectiveThe investment objective of the Fund is to generate a capital return which exceeds UK inflation over the medium to long term.New Investment Objective The investment objective of the Fund is to generate a capital return in excess of UK inflation (RPI) over a three year period. There is no guarantee that this objective will be achieved over the three year period, or any other period, and the capital value of the Fund is at risk.

Effective date: 21 October 2015

Man GLG American Growth Fund Prof Acc C (SGAGA)

Old Investment ObjectiveThe Fund seeks capital growth by investing in the quoted securities of companies operating mainly in the United States of America. It may also invest in the economic sectors of Canada and Latin America. The Fund will concentrate on those stocks considered to have above average growth prospects. Income earned on investments will be added to the value of investors' shares. Shares can be bought and sold on each business day.New Investment Objective The objective of the Fund is to achieve capital growth through investing primarily in quoted securities or companies listed or domiciled in the United States of America.To achieve the objective, the Fund will invest directly or indirectly in transferable equity securities, permitted derivatives (including without limitation futures, options,swaps) and other collective investment schemes as permitted by the FCA Rules.

Effective date: 21 October 2015

Man GLG American Growth Fund Acc (SGAMG)

Old Investment ObjectiveThe Fund seeks capital growth by investing in the quoted securities of companies operating mainly in the United States of America. It may also invest in the economic sectors of Canada and Latin America. The Fund will concentrate on those stocks considered to have above average growth prospects. Income earned on investments will be added to the value of investors' shares. Shares can be bought and sold on each business day.New Investment Objective The objective of the Fund is to achieve capital growth through investing primarily in quoted securities or companies listed or domiciled in the United States of America.To achieve the objective, the Fund will invest directly or indirectly in transferable equity securities, permitted derivatives (including without limitation futures, options,swaps) and other collective investment schemes as permitted by the FCA Rules.

Effective date: 01 October 2015

Allianz Total Return Asian Equity Fd (DSTGA)

Old Investment ObjectiveThe objective of the Fund is to maximise total return through dividend yield and capital appreciation. The ACD aims to achieve the objective by investing in high yielding or undervalued securities of companies in Asia, excluding Japan.New Investment Objective The objective of the Fund is to maximise total return through dividend yield and capital appreciation. We aim to achieve the objective by investing in high yielding or undervalued securities of companies in Asia, excluding Japan. The portfolio will consist of a concentrated range of securities from any sector in the MSCI AC Asia ex Japan Index and may include the securities of smaller companies. We may also utilise deposits and money market instruments in the management of the portfolio. We may also invest in collective investment schemes.

Effective date: 01 October 2015

Allianz Total Return Asian Equity C Inc (DSTRI)

Old Investment ObjectiveThe objective of the Fund is to maximise total return through dividend yield and capital appreciation. We aim to achieve the objective by investing in high yielding or undervalued securities of companies in Asia, excluding Japan. The portfolio will consist of a concentrated range of securities from any sector in the MSCI AC Far East (ex Japan) Index and may include the securities of smaller companies. We may also utilise deposits and money market instruments in the management of the portfolio. We may also invest in collective investment schemes.New Investment Objective The objective of the Fund is to maximise total return through dividend yield and capital appreciation. We aim to achieve the objective by investing in high yielding or undervalued securities of companies in Asia, excluding Japan. The portfolio will consist of a concentrated range of securities from any sector in the MSCI AC Asia ex Japan Index and may include the securities of smaller companies. We may also utilise deposits and money market instruments in the management of the portfolio. We may also invest in collective investment schemes.

Effective date: 01 October 2015

Rathbone Mlti Ast Strc Grwt S Class Inc (RASGI)

New Investment ObjectiveThe fund’s objective is to seek to achieve a long term total return of between 3% and 5% above the Consumer Price Index (CPI) over a minimum five year period. The fund has a targeted risk budget of two thirds of the volatility of global equities as measured by the MSCI World Equity index. There is no guarantee that the fund will achieve a positive return over this, or any other, period and you may not get back the original amount you invested

Effective date: 01 October 2015

Rathbone Mlti Ast Strc Grwt S Class Acc (RASGA)

strong>New Investment Objective The fund’s objective is to seek to achieve a long term total return of between 3% and 5% above the Consumer Price Index (CPI) over a minimum five year period. The fund has a targeted risk budget of two thirds of the volatility of global equities as measured by the MSCI World Equity index. There is no guarantee that the fund will achieve a positive return over this, or any other, period and you may not get back the original amount you invested

Effective date: 01 October 2015

Rathbone Multi Ast Ttl Ret S Class Inc (RATSI)

The fund’s objective is to seek to achieve a long term total return in excess of 2% above sterling six month LIBOR over a minimum three year period. The fund has a targeted risk budget of one third of the volatility of global equities as measured by the MSCI World Equity index. There is no guarantee that the fund will achieve a positive return over this, or any other, period and you may not get back the original amount you invested.

Effective date: 01 October 2015

Rathbone Multi Ast Ttl Ret S Class Acc (RATSA)

New Investment Objective The fund’s objective is to seek to achieve a long term total return in excess of 2% above sterling six month LIBOR over a minimum three year period. The fund has a targeted risk budget of one third of the volatility of global equities as measured by the MSCI World Equity index. There is no guarantee that the fund will achieve a positive return over this, or any other, period and you may not get back the original amount you invested.

Effective date: 01 October 2015

Rathbone Enhanced Growth S-Class Acc (RAGSA)

New Investment Objective The fund’s objective is to seek to achieve a long term total return in excess of the Consumer Price Index (CPI) +5% over a minimum of five to ten year period. The fund has a targeted risk budget of 100% of the volatility of global equities as measured by the MSCI World Equity index. The income yield will at best be minimal. There is no guarantee that the fund will achieve a positive return over this, or any other, period and you may not get back the original amount you invested.

Effective date: 13 July 2015

Ignis Managed Portfolio Acc (BTMPA)

Old Investment ObjectiveThe Fund aims to make the best possible long-term growth by investing in any economic sector and in any geographic area while taking advantage of changing worldwide economic conditions. The actively managed Fund offers diversification by investing in a number of our own unit trust Funds. This Fund of Funds invests in all the major markets worldwide and in UK corporate bonds and gilts. UK investments make up around half of the fund.New Investment Objective The Fund aims to maximise long-term capital growth opportunities by investing in other collective investment schemes in any economic sector in any geographic area through investments as permitted from time to time for a non-UCITS retail scheme but mainly those funds managed or operated within the Standard Life group of companies.

Effective date: 13 May 2015

Legg Mason Asia Pacific Fund (LMASP)

Old Investment ObjectiveThe funds goal is to achieve growth of your investment, principally through investment directly or indirectly in shares of companies based in the Asia Pacific region, excluding Japan.New Investment ObjectiveTo achieve long-term capital growth through investment in emerging markets. The Fund seeks to achieve its objective by investing primarily in equity securities of companies domiciled or having their principal activities in emerging market countries and which are listed or traded on regulated markets (subject to applicable limitations established by such countries on investments by foreign investors). The Fund may also invest up to 30% of its assets in equity securities of companies domiciled or having their principle activities in non-emerging market countries and other transferable securities, money market instruments, deposits and collective investment schemes.

Legg Mason Asia Pacific Fund X Acc (LMPXA)

Old objectiveTo achieve capital growth, principally through investment in securities of companies based in the Asia Pacific region, excluding Japan.New objectiveTo achieve long-term capital growth through investment in emerging markets. The Fund seeks to achieve its objective by investing primarily in equity securities of companies domiciled or having their principal activities in emerging market countries and which are listed or traded on regulated markets (subject to applicable limitations established by such countries on investments by foreign investors). The Fund may also invest up to 30% of its assets in equity securities of companies domiciled or having their principle activities in non-emerging market countries and other transferable securities, money market instruments, deposits and collective investment schemes.

Effective date: 1 May 2015

Premier Multi-Asset Absolute Return C A (PMLGA)

Old Investment ObjectiveThe Fund aims to generate positive returns over a rolling 3 year basis. However, there is no guarantee that this objective will be met and there is always the potential of loss to some, or all, of your original capital.New Investment ObjectiveThe Fund aims to generate a positive annualised return over a rolling 3 year basis. However, there is no guarantee that this objective will be achieved over that specific, or any, time period and there is always a risk of loss to your original capital.

Premier Multi-Asset Absolute Return C I (PMLGI)

Old Investment ObjectiveThe Fund aims to generate positive returns over a rolling 3 year basis. However, there is no guarantee that this objective will be met and there is always the potential of loss to some, or all, of your original capital.New Investment ObjectiveThe Fund aims to generate a positive annualised return over a rolling 3 year basis. However, there is no guarantee that this objective will be achieved over that specific, or any, time period and there is always a risk of loss to your original capital.

Premier Defensive Growth Fund C Inc (PMDFI)

Old Investment ObjectiveThe Fund aims to generate positive returns over a rolling 12 month basis. However, there is no guarantee that this objective will be met and there is always the potential of loss to some, or all, of your original capital.New Investment ObjectiveThe Fund aims to generate positive returns over a rolling 12 month basis. However, there is no guarantee that this objective will be achieved over that specific, or any, time period and there is always a risk of loss to your original capital.

Premier Defensive Growth Fund C Acc (PMGCA)

Old Investment ObjectiveThe aim of the fund is to generate positive returns over a rolling 12 month basis. However, there is no guarantee that this objective will be met and there is always the potential of loss to some, or all, of your original capital.New Investment ObjectiveThe Fund aims to generate positive returns over a rolling 12 month basis. However, there is no guarantee that this objective will be achieved over that specific, or any, time period and there is always a risk of loss to your original capital.

Effective date: 28 April 2015

M&G American Fund A Acc (MGACA)

Old Investment Objective

The Fund’s objective is long term capital growth through investment wholly or mainly in securities of North American (including Canadian) issuers. When not wholly invested as above, it may only invest in companies which are listed, registered or trading within North America.

New Investment Objective

The Fund aims to maximise total return (the combination of capital growth and income) whilst aiming to grow distributions over the long term. Investment Policy - The Fund will invest mainly in North American equities and may invest across all sectors and market capitalisations. The Fund may also invest in transferable securities issued by companies which are listed, registered or trading within North America and in collective investment schemes. Cash and near cash may be held for ancillary purposes and derivatives, including warrants, may be used for efficient portfolio management and hedging purposes.

M&G American Fund A Inc (MGACI)

Old Investment Objective

The Fund’s objective is long term capital growth through investment wholly or mainly in securities of North American (including Canadian) issuers. When not wholly invested as above, it may only invest in companies which are listed, registered or trading within North America.

New Investment Objective

The Fund aims to maximise total return (the combination of capital growth and income) whilst aiming to grow distributions over the long term. Investment Policy - The Fund will invest mainly in North American equities and may invest across all sectors and market capitalisations. The Fund may also invest in transferable securities issued by companies which are listed, registered or trading within North America and in collective investment schemes. Cash and near cash may be held for ancillary purposes and derivatives, including warrants, may be used for efficient portfolio management and hedging purposes.

M&G American Fund I Acc (MGANA)

Old Investment Objective

The Fund’s objective is long term capital growth through investment wholly or mainly in securities of North American (including Canadian) issuers. When not wholly invested as above, it may only invest in companies which are listed, registered or trading within North America.

New Investment Objective

The Fund aims to maximise total return (the combination of capital growth and income) whilst aiming to grow distributions over the long term. Investment Policy - The Fund will invest mainly in North American equities and may invest across all sectors and market capitalisations. The Fund may also invest in transferable securities issued by companies which are listed, registered or trading within North America and in collective investment schemes. Cash and near cash may be held for ancillary purposes and derivatives, including warrants, may be used for efficient portfolio management and hedging purposes.

M&G American Fund I Inc (MGANI)

Old Investment Objective

The Fund’s objective is long term capital growth through investment wholly or mainly in securities of North American (including Canadian) issuers. When not wholly invested as above, it may only invest in companies which are listed, registered or trading within North America.

New Investment Objective

The Fund aims to maximise total return (the combination of capital growth and income) whilst aiming to grow distributions over the long term. Investment Policy - The Fund will invest mainly in North American equities and may invest across all sectors and market capitalisations. The Fund may also invest in transferable securities issued by companies which are listed, registered or trading within North America and in collective investment schemes. Cash and near cash may be held for ancillary purposes and derivatives, including warrants, may be used for efficient portfolio management and hedging purposes.

M&G American X Acc (MGAMA)

Old Investment Objective

The Fund’s objective is long term capital growth through investment wholly or mainly in securities of North American (including Canadian) issuers. When not wholly invested as above, it may only invest in companies which are listed, registered or trading within North America.

New Investment Objective

The Fund aims to maximise total return (the combination of capital growth and income) whilst aiming to grow distributions over the long term. Investment Policy - The Fund will invest mainly in North American equities and may invest across all sectors and market capitalisations. The Fund may also invest in transferable securities issued by companies which are listed, registered or trading within North America and in collective investment schemes. Cash and near cash may be held for ancillary purposes and derivatives, including warrants, may be used for efficient portfolio management and hedging purposes.

M&G American X Inc (MGAMI)

Old Investment Objective

The Fund’s objective is long term capital growth through investment wholly or mainly in securities of North American (including Canadian) issuers. When not wholly invested as above, it may only invest in companies which are listed, registered or trading within North America.

New Investment Objective

The Fund aims to maximise total return (the combination of capital growth and income) whilst aiming to grow distributions over the long term. Investment Policy - The Fund will invest mainly in North American equities and may invest across all sectors and market capitalisations. The Fund may also invest in transferable securities issued by companies which are listed, registered or trading within North America and in collective investment schemes. Cash and near cash may be held for ancillary purposes and derivatives, including warrants, may be used for efficient portfolio management and hedging purposes.

Effective date: 13 April 2015

MGTS AFH Strategic Core Fund R Acc (MRSCA)

Old Investment Objective

The fund aims to provide long term capital growth. The fund may invest into other funds with exposure to shares or bonds in UK, Europe and throughout the world.

New Investment Objective

The objective of the Company is to provide capital growth over the long term from a range of transferable securities, debt instruments (including, but not limited to, government bonds, corporate bonds and certain transferable securities) and collective investment schemes (both regulated and unregulated). The Company will be actively managed on a medium risk basis and assets may be allocated to any geographical sector through investment in collective investment schemes (both regulated or unregulated) or directly through investment in Eligible Markets. The Company will be managed on a medium risk basis and although the property of the Company will normally include exposure to fixed interest, UK, Europe and worldwide markets, a significant proportion will be allocated to cash or near cash instruments when a defensive stance is considered appropriate.

MGTS AFH Strategic Core Fund R Inc (MRSCI)

Old Investment Objective

The fund aims to provide long term capital growth. The fund may invest into other funds with exposure to shares or bonds in UK, Europe and throughout the world.

New Investment Objective

The objective of the Company is to provide capital growth over the long term from a range of transferable securities, debt instruments (including, but not limited to, government bonds, corporate bonds and certain transferable securities) and collective investment schemes (both regulated and unregulated). The Company will be actively managed on a medium risk basis and assets may be allocated to any geographical sector through investment in collective investment schemes (both regulated or unregulated) or directly through investment in Eligible Markets. The Company will be managed on a medium risk basis and although the property of the Company will normally include exposure to fixed interest, UK, Europe and worldwide markets, a significant proportion will be allocated to cash or near cash instruments when a defensive stance is considered appropriate.

Effective date: 1 April 2015

Schroder UK Absolute Target Fund P1 Acc (CZUKA)

Old Investment Objective

The objective of the Fund is to achieve absolute returns through targeted investment strategies independent of UK market conditions or indices. The Fund will aim typically to deliver absolute (more than zero) returns over a rolling three-year period, although an absolute return performance is not guaranteed over this or longer periods of time and it may not achieve this objective. There is a risk to an investor’s capital. Investors may not get back the amount originally invested.

New Investment Objective

The objective of the Fund is to achieve positive returns (greater than zero) over a rolling three-year period in all market conditions by investing in European equities. Positive returns are not guaranteed over this or longer periods of time and the Fund may not achieve this objective. There is a risk to an investor’s capital. Investors may not get back the amount originally invested.

Schroder UK Absolute Target Fund P2 Acc (CZABT)

Old Investment Objective

The objective of the Fund is to achieve absolute returns through targeted investment strategies independent of UK market conditions or indices. The Fund will aim typically to deliver absolute (more than zero) returns over a rolling three-year period, although an absolute return performance is not guaranteed over this or longer periods of time and it may not achieve this objective. There is a risk to an investor’s capital. Investors may not get back the amount originally invested.

New Investment Objective

The objective of the Fund is to achieve positive returns (greater than zero) over a rolling three-year period in all market conditions by investing in European equities. Positive returns are not guaranteed over this or longer periods of time and the Fund may not achieve this objective. There is a risk to an investor’s capital. Investors may not get back the amount originally invested.

Newton Higher Income Inst W Acc (NWHGA)

Old Investment Objective

Increasing income and capital growth over the long-term by investing in shares (i.e. equities) and similar investments of companies listed or located in the UK.

New Investment Objective

The objective of the Fund is to achieve increasing distributions on a calendar year basis with long term capital growth. The Fund will invest predominantly in companies listed or located in the UK. The Fund may also invest in collective investment schemes (including but not limited to another Fund or Funds of the Company). Derivatives may be used for efficient portfolio management only.

Newton Higher Income Inst W Inc (NWHGI)

Old Investment Objective

Increasing income and capital growth over the long-term by investing in shares (i.e. equities) and similar investments of companies listed or located in the UK.

New Investment Objective

The objective of the Fund is to achieve increasing distributions on a calendar year basis with long term capital growth. The Fund will invest predominantly in companies listed or located in the UK. The Fund may also invest in collective investment schemes (including but not limited to another Fund or Funds of the Company). Derivatives may be used for efficient portfolio management only.

Newton Higher Income Inc (NWHIN)

Old Investment Objective

Increasing income and capital growth over the long-term by investing in shares (i.e. equities) and similar investments of companies listed or located in the UK.

New Investment Objective

The objective of the Fund is to achieve increasing distributions on a calendar year basis with long term capital growth. The Fund will invest predominantly in companies listed or located in the UK. The Fund may also invest in collective investment schemes (including but not limited to another Fund or Funds of the Company). Derivatives may be used for efficient portfolio management only.

Effective date: 23 March 2015

CF Miton Strategic Portfolio A Acc (MISPA)

Old Investment Objective

The investment objective of the Fund is to provide long-term growth. The Fund’s policy is to invest substantially in other authorised funds, but may also invest in UK and overseas equities, fixed interest securities and money market instruments. Investments will not be confined to any particular economic sectors.

New Investment Objective

The Sub-fund aims to achieve modestly above inflation returns with lower volatility than equity markets over a five year period, from an actively 4 managed multi asset portfolio of UK and international assets including equities, bonds, and indirectly of both property and commodities. Capital invested is at risk and there is no guarantee that a positive return will be delivered over the above, or any other investment period. The Sub-fund may also invest in collective investment schemes, cash, money market instruments and other transferable securities. The Sub-fund may also use derivatives and forward transactions for efficient portfolio management purposes.

CF Miton Strategic Portfolio B Acc (MISTA)

Old Investment Objective

The investment objective of the Fund is to provide long-term growth. The Fund’s policy is to invest substantially in other authorised funds, but may also invest in UK and overseas equities, fixed interest securities and money market instruments. Investments will not be confined to any particular economic sectors.

New Investment Objective

The Sub-fund aims to achieve modestly above inflation returns with lower volatility than equity markets over a five year period, from an actively 4 managed multi asset portfolio of UK and international assets including equities, bonds, and indirectly of both property and commodities. Capital invested is at risk and there is no guarantee that a positive return will be delivered over the above, or any other investment period. The Sub-fund may also invest in collective investment schemes, cash, money market instruments and other transferable securities. The Sub-fund may also use derivatives and forward transactions for efficient portfolio management purposes.

Effective date: 19 March 2015

BlackRock Global Bond Acc (MCGBA)

Old Investment Objective

The aim of the BlackRock Global Bond Fund is to produce a high level of income, consistent with capital appreciation. The Fund invests primarily in government, corporate and supranational bonds anywhere in the world and in any and all economic sectors. The Fund may also invest in collective investment schemes, money-market instruments, cash, near cash and deposits. Derivatives may be used for the purposes of efficient portfolio management.

New Investment Objective

The aim of the BlackRock Fixed Income Global Opportunities Fund is to achieve a total return over the medium to long-term. The Fund invests primarily in fixed income transferable securities and money-market instruments denominated in various currencies issued by governments, agencies and companies worldwide. The full spectrum of available securities, including noninvestment grade, may be utilised. Currency exposure will typically be hedged back to sterling in whole or in part. The Fund may also invest in collective investment schemes, cash, near cash and deposits. Derivatives may be used for the purposes of efficient portfolio management.

BlackRock Global Bond Inc (MCGBI)

Old Investment Objective

The aim of the BlackRock Global Bond Fund is to produce a high level of income, consistent with capital appreciation. The Fund invests primarily in government, corporate and supranational bonds anywhere in the world and in any and all economic sectors. The Fund may also invest in collective investment schemes, money-market instruments, cash, near cash and deposits. Derivatives may be used for the purposes of efficient portfolio management.

New Investment Objective

The aim of the BlackRock Fixed Income Global Opportunities Fund is to achieve a total return over the medium to long-term. The Fund invests primarily in fixed income transferable securities and money-market instruments denominated in various currencies issued by governments, agencies and companies worldwide. The full spectrum of available securities, including noninvestment grade, may be utilised. Currency exposure will typically be hedged back to sterling in whole or in part. The Fund may also invest in collective investment schemes, cash, near cash and deposits. Derivatives may be used for the purposes of efficient portfolio management.

BlackRock Global Bond Fund Class D Acc (MCGOA)

Old Investment Objective

The aim of the BlackRock Global Bond Fund is to produce a high level of income, consistent with capital appreciation. The Fund invests primarily in government, corporate and supranational bonds anywhere in the world and in any and all economic sectors. The Fund may also invest in collective investment schemes, money-market instruments, cash, near cash and deposits. Derivatives may be used for the purposes of efficient portfolio management.

New Investment Objective

The aim of the BlackRock Fixed Income Global Opportunities Fund is to achieve a total return over the medium to long-term. The Fund invests primarily in fixed income transferable securities and money-market instruments denominated in various currencies issued by governments, agencies and companies worldwide. The full spectrum of available securities, including noninvestment grade, may be utilised. Currency exposure will typically be hedged back to sterling in whole or in part. The Fund may also invest in collective investment schemes, cash, near cash and deposits. Derivatives may be used for the purposes of efficient portfolio management.

BlackRock Global Bond Fund Class D Inc (MCGOI)

Old Investment Objective

The aim of the BlackRock Global Bond Fund is to produce a high level of income, consistent with capital appreciation. The Fund invests primarily in government, corporate and supranational bonds anywhere in the world and in any and all economic sectors. The Fund may also invest in collective investment schemes, money-market instruments, cash, near cash and deposits. Derivatives may be used for the purposes of efficient portfolio management.

New Investment Objective

The aim of the BlackRock Fixed Income Global Opportunities Fund is to achieve a total return over the medium to long-term. The Fund invests primarily in fixed income transferable securities and money-market instruments denominated in various currencies issued by governments, agencies and companies worldwide. The full spectrum of available securities, including noninvestment grade, may be utilised. Currency exposure will typically be hedged back to sterling in whole or in part. The Fund may also invest in collective investment schemes, cash, near cash and deposits. Derivatives may be used for the purposes of efficient portfolio management.

Effective date: 04 March 2015

Schroder ISF Asian Equity Yield (SDAEY)

Old Investment Objective

To provide a total return primarily through investment in equity and equity related securities of Asian companies which offer attractive yields and sustainable dividend payments.

New Investment Objective

The fund aims to provide capital growth and income.

Schroder ISF Asian Bond Absolute Return (SDASB)

Old Investment Objective

To provide an absolute return of capital growth and income primarily through investment in a portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supra national and corporate issuers in Asia excluding Japan.

New Investment Objective

The fund aims to provide capital growth and income. Absolute return means the fund seeks to provide a positive return over a 12 month period in all market conditions, but this cannot be guaranteed and your capital is at risk.

Effective date: 02 March 2015

Baring Global Bond Trust I GBP Inc (BIGBI)

Old Investment ObjectiveThe investment objective of the Trust is to achieve long term capital growth together with income by investing world-wide in securities bearing fixed or variable rate income. The Manager's policy is to invest primarily in bonds, including high quality sovereign, supranational or corporate issues rated AA or better and government bonds. There are no formal limits on rating restrictions on the use of government bonds denominated in the local currency of the issuer. Forward currency transactions will be used to manage currency risk when considered appropriate. The Manager may also invest in collective investment schemes. It may also use derivatives for efficient portfolio management.

New Investment Objective

The investment objective of the Trust is to achieve long-term capital growth together with income. Investment Policy - The Manager will seek to achieve the objective by investing in government debt, corporate bond, and currency markets globally. The Managers' policy is to invest primarily in investment grade, sub-investment grade and unrated bonds issued by governments, sovereigns, supranationals and corporates in developed and emerging markets. The Fund Manager has the ability to invest in debt securities of any maturity, duration or credit rating (including unrated). Forward currency transactions will be used to gain exposure to currencies and may be used to manage currency risk when considered appropriate. The Manager may also invest in collective investment schemes, cash or near cash, money market instruments and other transferable securities. The Trust may use derivatives for investment purposes as well as for efficient portfolio management.

Baring Global Bond Trust (BRGBT)

Old Investment Objective

The investment objective of the Trust is to achieve long term capital growth together with income by investing world-wide in securities bearing fixed or variable rate income. The Manager's policy is to invest primarily in bonds, including high quality sovereign, supranational or corporate issues rated AA or better and government bonds. There are no formal limits on rating restrictions on the use of government bonds denominated in the local currency of the issuer. Forward currency transactions will be used to manage currency risk when considered appropriate. The Manager may also invest in collective investment schemes. It may also use derivatives for efficient portfolio management.

New Investment Objective

The investment objective of the Trust is to achieve long-term capital growth together with income. Investment Policy - The Manager will seek to achieve the objective by investing in government debt, corporate bond, and currency markets globally. The Managers' policy is to invest primarily in investment grade, sub-investment grade and unrated bonds issued by governments, sovereigns, supranationals and corporates in developed and emerging markets. The Fund Manager has the ability to invest in debt securities of any maturity, duration or credit rating (including unrated). Forward currency transactions will be used to gain exposure to currencies and may be used to manage currency risk when considered appropriate. The Manager may also invest in collective investment schemes, cash or near cash, money market instruments and other transferable securities. The Trust may use derivatives for investment purposes as well as for efficient portfolio management.

Effective date: 06 February 2015

Franklin Diversified Income W Inc GBP (TTIWI)

Old Investment ObjectiveFranklin Diversified Growth Fund (the Fund) aims to achieve long-term capital growth of 5% over the Bank of England Base Rate (net of fees) over a rolling five year period. There is no guarantee the Fund will achieve its objective; the Fund may experience negative returns and capital invested in the Fund is at risk.

New Investment ObjectiveFranklin Diversified Growth Fund (the Fund) aims to achieve long-term capital appreciation, targeting a return over a rolling five year period equivalent to 5% over the Bank of England Base Rate (net of fees) each year. There is no guarantee the Fund will achieve its objective; the Fund may experience negative returns and capital invested in the Fund is at risk.

Franklin Diversified Income W Acc GBP (TTIWA)

Old Investment ObjectiveFranklin Diversified Growth Fund (the Fund) aims to achieve long-term capital growth of 5% over the Bank of England Base Rate (net of fees) over a rolling five year period. There is no guarantee the Fund will achieve its objective; the Fund may experience negative returns and capital invested in the Fund is at risk.

New Investment ObjectiveFranklin Diversified Growth Fund (the Fund) aims to achieve long-term capital appreciation, targeting a return over a rolling five year period equivalent to 5% over the Bank of England Base Rate (net of fees) each year. There is no guarantee the Fund will achieve its objective; the Fund may experience negative returns and capital invested in the Fund is at risk.

Franklin Diversified Growth W Acc GBP (TTDWA)

Old Investment ObjectiveFranklin Diversified Growth Fund (the Fund) aims to achieve long-term capital growth of 5% over the Bank of England Base Rate (net of fees) over a rolling five year period. There is no guarantee the Fund will achieve its objective; the Fund may experience negative returns and capital invested in the Fund is at risk.

New Investment ObjectiveFranklin Diversified Growth Fund (the Fund) aims to achieve long-term capital appreciation, targeting a return over a rolling five year period equivalent to 5% over the Bank of England Base Rate (net of fees) each year. There is no guarantee the Fund will achieve its objective; the Fund may experience negative returns and capital invested in the Fund is at risk.

Effective date: 03 February 2015

Oasis Global Income F GBP Dist (OAGID)

Old Investment ObjectiveThe investment objective of the Oasis Global Income Fund is to provide regular income and capital growth over the medium to long term. The objective is to be achieved by investing the Fund’s Net Asset Value in income yielding global debt securities with minimal risk. The Fund may also invest in equity securities. The securities may be listed on the Regulated Markets as described in Appendix I to the Prospectus. Securities which are unlisted will comply with the requirements of Appendix II of the Prospectus and my not exceed 10% of the Net Asset Value.

New Investment ObjectiveThe investment objective of the Oasis Crescent Global Short Term Income Fund is to provide regular income as is consistent with capital preservation and liquidity over a short term horizon. The objective is to be achieved by investing the Fund’s Net Asset Value in income yielding global debt securities with minimal risk. The Fund may also invest in equity securities. The securities may be listed on the Regulated Markets as described in Appendix I to the Prospectus. Securities which are unlisted will comply with the requirements of Appendix II of the Prospectus and my not exceed 10% of the Net Asset Value.

Oasis Global Income F GBP Acc (OAGIA)

Old Investment ObjectiveThe investment objective of the Oasis Global Income Fund is to provide regular income and capital growth over the medium to long term. The objective is to be achieved by investing the Fund’s Net Asset Value in income yielding global debt securities with minimal risk. The Fund may also invest in equity securities. The securities may be listed on the Regulated Markets as described in Appendix I to the Prospectus. Securities which are unlisted will comply with the requirements of Appendix II of the Prospectus and my not exceed 10% of the Net Asset Value.

New Investment ObjectiveThe investment objective of the Oasis Crescent Global Short Term Income Fund is to provide regular income as is consistent with capital preservation and liquidity over a short term horizon. The objective is to be achieved by investing the Fund’s Net Asset Value in income yielding global debt securities with minimal risk. The Fund may also invest in equity securities. The securities may be listed on the Regulated Markets as described in Appendix I to the Prospectus. Securities which are unlisted will comply with the requirements of Appendix II of the Prospectus and my not exceed 10% of the Net Asset Value.

Effective date: 30 January 2015

Franklin UK Blue Chip Fund (BWUKB)

Old Investment ObjectiveThe Fund aims to achieve a total return (i.e. a combination of capital growth and income) exceeding that of the FTSE All-Share Index, over the medium to long term (meaning 3-5 years).

New Investment ObjectiveThe Fund aims to provide a growing level of income, together with capital growth to achieve a total return exceeding that of the FTSE All-Share Index, over the medium to long term.

Franklin UK Blue Chip W Acc (BWUKW)

Old Investment ObjectiveThe Fund aims to achieve a total return (i.e. a combination of capital growth and income) exceeding that of the FTSE All-Share Index, over the medium to long term (meaning 3-5 years).

New Investment ObjectiveThe Fund aims to provide a growing level of income, together with capital growth to achieve a total return exceeding that of the FTSE All-Share Index, over the medium to long term.

Effective date: 12 January 2015

BlackRock Balanced Income Portfolio A Acc (MCIPA)

Old Investment ObjectiveTo provide an income higher than that of the FTSE All-Share Index without sacrificing the benefits of long-term capital growth. Investment may be made in a global portfolio of equities and fixed income securities, as well as collective investment schemes, cash in sterling or other currencies and money market instruments. Investment may be made in any and all economic sectors, although under normal market conditions there will be an emphasis on the UK. The Fund will invest in derivatives and indirectly in alternative asset classes such as commodities or property.

New Investment ObjectiveThe Fund aims to provide an above average income without sacrificing the benefits of long-term capital growth by following a flexible asset allocation policy. Investment may be made in a global portfolio of equities and fixed income securities, as well as permitted money market instruments, permitted deposits, cash and near cash and units in collective investment schemes. In order to achieve the investment objective and policy the Fund will invest in a variety of investment strategies and instruments. For this purpose, it intends to take full advantage of the ability to invest in derivatives. It may also hold indirect exposure to alternative asset classes such as commodities or property through eligible index derivatives, eligible collective investment schemes or structured securities.

BlackRock Balanced Income Portfolio A Inc (MCIPI)

Old Investment ObjectiveTo provide an income higher than that of the FTSE All-Share Index without sacrificing the benefits of long-term capital growth. Investment may be made in a global portfolio of equities and fixed income securities, as well as collective investment schemes, cash in sterling or other currencies and money market instruments. Investment may be made in any and all economic sectors, although under normal market conditions there will be an emphasis on the UK. The Fund will invest in derivatives and indirectly in alternative asset classes such as commodities or property.

New Investment ObjectiveThe Fund aims to provide an above average income without sacrificing the benefits of long-term capital growth by following a flexible asset allocation policy. Investment may be made in a global portfolio of equities and fixed income securities, as well as permitted money market instruments, permitted deposits, cash and near cash and units in collective investment schemes. In order to achieve the investment objective and policy the Fund will invest in a variety of investment strategies and instruments. For this purpose, it intends to take full advantage of the ability to invest in derivatives. It may also hold indirect exposure to alternative asset classes such as commodities or property through eligible index derivatives, eligible collective investment schemes or structured securities.

BlackRock Balanced Income Portfolio Fund Class D Acc (MCBIA)

Old Investment ObjectiveTo provide an income higher than that of the FTSE All-Share Index without sacrificing the benefits of long-term capital growth.

New Investment ObjectiveThe Fund aims to provide an above average income without sacrificing the benefits of long-term capital growth by following a flexible asset allocation policy. Investment may be made in a global portfolio of equities and fixed income securities, as well as permitted money market instruments, permitted deposits, cash and near cash and units in collective investment schemes. In order to achieve the investment objective and policy the Fund will invest in a variety of investment strategies and instruments. For this purpose, it intends to take full advantage of the ability to invest in derivatives. It may also hold indirect exposure to alternative asset classes such as commodities or property through eligible index derivatives, eligible collective investment schemes or structured securities.

BlackRock Balanced Income Portfolio Fund Class D Inc (MCBII)

Old Investment ObjectiveTo provide an income higher than that of the FTSE All-Share Index without sacrificing the benefits of long-term capital growth.

New Investment ObjectiveThe Fund aims to provide an above average income without sacrificing the benefits of long-term capital growth by following a flexible asset allocation policy. Investment may be made in a global portfolio of equities and fixed income securities, as well as permitted money market instruments, permitted deposits, cash and near cash and units in collective investment schemes. In order to achieve the investment objective and policy the Fund will invest in a variety of investment strategies and instruments. For this purpose, it intends to take full advantage of the ability to invest in derivatives. It may also hold indirect exposure to alternative asset classes such as commodities or property through eligible index derivatives, eligible collective investment schemes or structured securities.

BlackRock Balanced Income Portfolio Fund Class S Acc (MCISA)

Old Investment ObjectiveTo provide an income higher than that of the FTSE All-Share Index without sacrificing the benefits of long-term capital growth. Investment may be made in a global portfolio of equities and fixed income securities, as well as collective investment schemes, cash in sterling or other currencies and money market instruments. Investment may be made in any and all economic sectors, although under normal market conditions there will be an emphasis on the UK. The Fund will invest in derivatives and indirectly in alternative asset classes such as commodities or property.

New Investment ObjectiveThe Fund aims to provide an above average income without sacrificing the benefits of long-term capital growth by following a flexible asset allocation policy. Investment may be made in a global portfolio of equities and fixed income securities, as well as permitted money market instruments, permitted deposits, cash and near cash and units in collective investment schemes. In order to achieve the investment objective and policy the Fund will invest in a variety of investment strategies and instruments. For this purpose, it intends to take full advantage of the ability to invest in derivatives. It may also hold indirect exposure to alternative asset classes such as commodities or property through eligible index derivatives, eligible collective investment schemes or structured securities.

BlackRock Balanced Income Portfolio Fund Class S Inc (MCISI)

Old Investment ObjectiveTo provide an income higher than that of the FTSE All-Share Index without sacrificing the benefits of long-term capital growth. Investment may be made in a global portfolio of equities and fixed income securities, as well as collective investment schemes, cash in sterling or other currencies and money market instruments. Investment may be made in any and all economic sectors, although under normal market conditions there will be an emphasis on the UK. The Fund will invest in derivatives and indirectly in alternative asset classes such as commodities or property.

New Investment ObjectiveThe Fund aims to provide an above average income without sacrificing the benefits of long-term capital growth by following a flexible asset allocation policy. Investment may be made in a global portfolio of equities and fixed income securities, as well as permitted money market instruments, permitted deposits, cash and near cash and units in collective investment schemes. In order to achieve the investment objective and policy the Fund will invest in a variety of investment strategies and instruments. For this purpose, it intends to take full advantage of the ability to invest in derivatives. It may also hold indirect exposure to alternative asset classes such as commodities or property through eligible index derivatives, eligible collective investment schemes or structured securities.

Effective date: 2 January 2015

Old Investment ObjectiveA total return comprised of long-term capital growth and income by investing in a mixed portfolio of company shares (i.e. equities) and bonds.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve a balance between capital growth and income predominantly from a portfolio of UK and international securities. The policy of the Sub-Fund is to gain exposure to a range of asset classes including, without limitation, equities, fixed income, property, commodities, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, approved money market instruments, warrants, derivative instruments, forward transactions and collective investment schemes. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Old Investment ObjectiveA total return comprised of long-term capital growth and income by investing in a mixed portfolio of company shares (i.e. equities) and bonds.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve a balance between capital growth and income predominantly from a portfolio of UK and international securities. The policy of the Sub-Fund is to gain exposure to a range of asset classes including, without limitation, equities, fixed income, property, commodities, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, approved money market instruments, warrants, derivative instruments, forward transactions and collective investment schemes. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Newton Multi-Asset Balanced Fund Stirling Income Shares (NWBAL)

Old Investment ObjectiveA total return comprised of long - term capital growth and income by investing in a mixed portfolio of company shares and bonds.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve a balance between capital growth and income predominantly from a portfolio of UK and international securities. The policy of the Sub-Fund is to gain exposure to a range of asset classes including, without limitation, equities, fixed income, property, commodities, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, approved money market instruments, warrants, derivative instruments, forward transactions and collective investment schemes. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Old Investment ObjectiveA total return comprised of long-term capital growth and income by investing in mixed portfolio of company shares (i.e. equities) and bonds.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve capital growth and income from a portfolio of UK and international securities. The policy of the Sub-Fund is to gain exposure to a range of asset classes, including without limitation, equities, fixed income, property, commodities, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, approved money market instruments, warrants and collective investment schemes. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for efficient portfolio management only.

Old Investment ObjectiveA total return comprised of long-term capital growth and income by investing in mixed portfolio of company shares (i.e. equities) and bonds.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve capital growth and income from a portfolio of UK and international securities. The policy of the Sub-Fund is to gain exposure to a range of asset classes, including without limitation, equities, fixed income, property, commodities, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, approved money market instruments, warrants and collective investment schemes. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for efficient portfolio management only.

Newton Multi-Asset Growth Fund Sterling Income Shares (NWMAN)

Old Investment ObjectiveA total return compromised of long - term capital growth and income by investing in a mixed portfolio of company shares and bonds.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve capital growth and income from a portfolio of UK and international securities. The policy of the Sub-Fund is to gain exposure to a range of asset classes, including without limitation, equities, fixed income, property, commodities, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, approved money market instruments, warrants and collective investment schemes. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for efficient portfolio management only.

Old Investment ObjectiveA total return comprised of long-term capital growth and income by investing in a broad multi-asset portfolio.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve long-term capital growth in excess of cash (1 Month GBP LIBOR) +3% p.a. over 5 years before fees, from a balanced portfolio diversified across a range of assets. A positive return is not guaranteed and a capital loss may occur. The policy of the Sub-Fund is to gain exposure to a range of asset classes including, without limitation, equities, fixed income, property, commodities, currencies, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, collective investment schemes, warrants, derivative instruments, forward transactions, deposits and approved money market instruments. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Old Investment ObjectiveA total return comprised of long-term capital growth and income by investing in a broad multi-asset portfolio.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve long-term capital growth in excess of cash (1 Month GBP LIBOR) +3% p.a. over 5 years before fees, from a balanced portfolio diversified across a range of assets. A positive return is not guaranteed and a capital loss may occur. The policy of the Sub-Fund is to gain exposure to a range of asset classes including, without limitation, equities, fixed income, property, commodities, currencies, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, collective investment schemes, warrants, derivative instruments, forward transactions, deposits and approved money market instruments. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Old Investment ObjectiveA total return compromised of long - term capital growth and income by investing in a broad multi - asset portfolio.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve long-term capital growth in excess of cash (1 Month GBP LIBOR) +3% p.a. over 5 years before fees, from a balanced portfolio diversified across a range of assets. A positive return is not guaranteed and a capital loss may occur. The policy of the Sub-Fund is to gain exposure to a range of asset classes including, without limitation, equities, fixed income, property, commodities, currencies, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, collective investment schemes, warrants, derivative instruments, forward transactions, deposits and approved money market instruments. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Old Investment ObjectiveA total return compromised of long - term capital growth and income by investing in a broad multi - asset portfolio.

New Investment ObjectiveThe objective of the Sub-Fund is to achieve long-term capital growth in excess of cash (1 Month GBP LIBOR) +3% p.a. over 5 years before fees, from a balanced portfolio diversified across a range of assets. A positive return is not guaranteed and a capital loss may occur. The policy of the Sub-Fund is to gain exposure to a range of asset classes including, without limitation, equities, fixed income, property, commodities, currencies, cash, near cash and deposits. Exposure to these asset classes will be achieved through investment in transferable securities, collective investment schemes, warrants, derivative instruments, forward transactions, deposits and approved money market instruments. To the extent the Sub-Fund gains exposure to property or commodities, such exposure may be through exchange listed securities and/or collective investment schemes. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Schroder European Alpha Plus Fund Acc (SCEAA)

Old Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in European and other companies. The emphasis of the Fund will be investment in European companies. The Fund may also invest in companies headquartered or quoted outside Europe where those companies have material or critical operations within or derive significant business from Europe. Fixed interest securities may be included in the portfolio. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

New Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 35 and 60 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Plus Fund Inc (SCEAI)

Old Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in European and other companies. The emphasis of the Fund will be investment in European companies. The Fund may also invest in companies headquartered or quoted outside Europe where those companies have material or critical operations within or derive significant business from Europe. Fixed interest securities may be included in the portfolio. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

New Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 35 and 60 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Plus Fund Z Accumulation (SZEPA)

Old Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in European and other companies. The emphasis of the Fund will be investment in European companies. The Fund may also invest in companies headquartered or quoted outside Europe where those companies have material or critical operations within or derive significant business from Europe. Fixed interest securities may be included in the portfolio. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

New Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 35 and 60 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Plus Fund Z Income (SZEPI)

Old Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in European and other companies. The emphasis of the Fund will be investment in European companies. The Fund may also invest in companies headquartered or quoted outside Europe where those companies have material or critical operations within or derive significant business from Europe. Fixed interest securities may be included in the portfolio. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

New Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 35 and 60 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Plus Fund Z GBP Hedged Accumulation (SCEPA)

Old Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in European and other companies. The emphasis of the Fund will be investment in European companies. The Fund may also invest in companies headquartered or quoted outside Europe where those companies have material or critical operations within or derive significant business from Europe. Fixed interest securities may be included in the portfolio. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

New Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 35 and 60 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Plus Fund Z GBP Hedged Income (SCEPI)

Old Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in European and other companies. The emphasis of the Fund will be investment in European companies. The Fund may also invest in companies headquartered or quoted outside Europe where those companies have material or critical operations within or derive significant business from Europe. Fixed interest securities may be included in the portfolio. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

New Investment ObjectiveThe Fund’s investment objective is to provide capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 35 and 60 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Income Fund A Acc (CZEIA)

Old Investment ObjectiveThe Fund aims to provide high income with some long-term capital growth by investing predominantly in companies incorporated in a member state of the EEA or Switzerland or in companies which derive a predominant proportion of their revenues or profits from these countries or which are predominantly operating in them. Investments will be made primarily in a concentrated portfolio of equities (typically between 30 and 50 holdings) of large or mid-sized companies which pay high dividend yields and which the ACD considers offer prospects for long-term growth. Investment may also be made in other equity-related transferable securities issued by these companies, such as preferred shares and convertible securities. Whilst the Fund will invest primarily in equities it may also invest in fixed interest securities, cash, deposits and money market instruments. The Fund may utilise derivatives for efficient portfolio management purposes and for hedging.

New Investment ObjectiveThe Fund’s investment objective is to provide high income with some long-term capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 30 and 50 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. Investment may also be made in other equity related transferable securities issued by these companies, such as preferred shares and convertible securities. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Income Fund A Inc (CZEII)

Old Investment ObjectiveThe Fund aims to provide high income with some long-term capital growth by investing predominantly in companies incorporated in a member state of the EEA or Switzerland or in companies which derive a predominant proportion of their revenues or profits from these countries or which are predominantly operating in them. Investments will be made primarily in a concentrated portfolio of equities (typically between 30 and 50 holdings) of large or mid-sized companies which pay high dividend yields and which the ACD considers offer prospects for long-term growth. Investment may also be made in other equity-related transferable securities issued by these companies, such as preferred shares and convertible securities. Whilst the Fund will invest primarily in equities it may also invest in fixed interest securities, cash, deposits and money market instruments. The Fund may utilise derivatives for efficient portfolio management purposes and for hedging.

New Investment ObjectiveThe Fund’s investment objective is to provide high income with some long-term capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 30 and 50 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. Investment may also be made in other equity related transferable securities issued by these companies, such as preferred shares and convertible securities. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Income Fund Z Acc (CXEIA)

Old Investment ObjectiveThe Fund aims to provide high income with some long-term capital growth by investing predominantly in companies incorporated in a member state of the EEA or Switzerland or in companies which derive a predominant proportion of their revenues or profits from these countries or which are predominantly operating in them. Investments will be made primarily in a concentrated portfolio of equities (typically between 30 and 50 holdings) of large or mid-sized companies which pay high dividend yields and which the ACD considers offer prospects for long-term growth. Investment may also be made in other equity-related transferable securities issued by these companies, such as preferred shares and convertible securities. Whilst the Fund will invest primarily in equities it may also invest in fixed interest securities, cash, deposits and money market instruments. The Fund may utilise derivatives for efficient portfolio management purposes and for hedging.

New Investment ObjectiveThe Fund’s investment objective is to provide high income with some long-term capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 30 and 50 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. Investment may also be made in other equity related transferable securities issued by these companies, such as preferred shares and convertible securities. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Income Fund Z Inc (CXUII)

Old Investment ObjectiveThe Fund aims to provide high income with some long-term capital growth by investing predominantly in companies incorporated in a member state of the EEA or Switzerland or in companies which derive a predominant proportion of their revenues or profits from these countries or which are predominantly operating in them. Investments will be made primarily in a concentrated portfolio of equities (typically between 30 and 50 holdings) of large or mid-sized companies which pay high dividend yields and which the ACD considers offer prospects for long-term growth. Investment may also be made in other equity-related transferable securities issued by these companies, such as preferred shares and convertible securities. Whilst the Fund will invest primarily in equities it may also invest in fixed interest securities, cash, deposits and money market instruments. The Fund may utilise derivatives for efficient portfolio management purposes and for hedging.

New Investment ObjectiveThe Fund’s investment objective is to provide high income with some long-term capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 30 and 50 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. Investment may also be made in other equity related transferable securities issued by these companies, such as preferred shares and convertible securities. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Schroder European Alpha Income Hedged Fund Z Inc (CXEII)

Old Investment ObjectiveThe Fund aims to provide high income with some long-term capital growth by investing predominantly in companies incorporated in a member state of the EEA or Switzerland or in companies which derive a predominant proportion of their revenues or profits from these countries or which are predominantly operating in them. Investments will be made primarily in a concentrated portfolio of equities (typically between 30 and 50 holdings) of large or mid-sized companies which pay high dividend yields and which the ACD considers offer prospects for long-term growth. Investment may also be made in other equity-related transferable securities issued by these companies, such as preferred shares and convertible securities. Whilst the Fund will invest primarily in equities it may also invest in fixed interest securities, cash, deposits and money market instruments. The Fund may utilise derivatives for efficient portfolio management purposes and for hedging.

New Investment ObjectiveThe Fund’s investment objective is to provide high income with some long-term capital growth through investment in equity and equity related securities of European companies. At least 80% of the Fund will be invested in a concentrated portfolio (typically between 30 and 50 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. Investment may also be made in other equity related transferable securities issued by these companies, such as preferred shares and convertible securities. The Fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

Effective date: 1 January 2015

Baillie Gifford Active Gilt Plus Acc (BFGTA)

Old Investment ObjectiveThe Fund aims to achieve a total return, through combined capital growth and income payment that is on average 1.5% greater than the total return of the FTSE British Government All Stocks Index.

New Investment ObjectiveThe objective is to produce a total return, before charges and expenses payable out of the Fund, in excess of the total return on the FTSE Actuaries UK Conventional Gilts All Stocks Index, or any successor or substitute index, by 1.5% per annum over rolling 3-year periods. There is no guarantee that a positive return will be achieved over rolling 3-year periods or any time period and capital may be at risk. The Fund will invest primarily in: UK government bonds; overseas government bonds; and quasi-government bonds, some of which may be issued by developing countries. Currency forwards and derivatives will be used, in keeping with the Fund's objective, with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford Active Gilt Plus Inc (BFGTI)

Old Investment ObjectiveThe Fund aims to achieve a total return, through combined capital growth and income payment that is on average 1.5% greater than the total return of the FTSE British Government All Stocks Index.

New Investment ObjectiveThe objective is to produce a total return, before charges and expenses payable out of the Fund, in excess of the total return on the FTSE Actuaries UK Conventional Gilts All Stocks Index, or any successor or substitute index, by 1.5% per annum over rolling 3-year periods. There is no guarantee that a positive return will be achieved over rolling 3-year periods or any time period and capital may be at risk. The Fund will invest primarily in: UK government bonds; overseas government bonds; and quasi-government bonds, some of which may be issued by developing countries. Currency forwards and derivatives will be used, in keeping with the Fund's objective, with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford Active Gilt Plus B Inc (BFAPI)

Old Investment ObjectiveThe Fund aims to achieve a total return, through combined capital growth and income payment that is on average 1.5% greater than the total return of the FTSE British Government All Stocks Index.

New Investment ObjectiveThe objective is to produce a total return, before charges and expenses payable out of the Fund, in excess of the total return on the FTSE Actuaries UK Conventional Gilts All Stocks Index, or any successor or substitute index, by 1.5% per annum over rolling 3-year periods. There is no guarantee that a positive return will be achieved over rolling 3-year periods or any time period and capital may be at risk. The Fund will invest primarily in: UK government bonds; overseas government bonds; and quasi-government bonds, some of which may be issued by developing countries. Currency forwards and derivatives will be used, in keeping with the Fund's objective, with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford Active Gilt Plus B Acc (BFAPA)

Old Investment ObjectiveThe Fund aims to achieve a total return, through combined capital growth and income payment that is on average 1.5% greater than the total return of the FTSE British Government All Stocks Index.

New Investment ObjectiveThe objective is to produce a total return, before charges and expenses payable out of the Fund, in excess of the total return on the FTSE Actuaries UK Conventional Gilts All Stocks Index, or any successor or substitute index, by 1.5% per annum over rolling 3-year periods. There is no guarantee that a positive return will be achieved over rolling 3-year periods or any time period and capital may be at risk. The Fund will invest primarily in: UK government bonds; overseas government bonds; and quasi-government bonds, some of which may be issued by developing countries. Currency forwards and derivatives will be used, in keeping with the Fund's objective, with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford American Fund A Acc (BFAMA)

Old Investment ObjectiveThe Fund aims to maximise the value of its shares through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term principally through investment, whether direct or indirect, in any economic sector in the United States of America. From time to time, at the ACD's sole discretion, investment, whether direct or indirect, may also be made in any economic sector in Canada.

Baillie Gifford American Fund B Inc (BFAMI)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term principally through investment, whether direct or indirect, in any economic sector in the United States of America. From time to time, at the ACD's sole discretion, investment, whether direct or indirect, may also be made in any economic sector in Canada.

Baillie Gifford American Fund B Acc (BFACA)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term principally through investment, whether direct or indirect, in any economic sector in the United States of America. From time to time, at the ACD's sole discretion, investment, whether direct or indirect, may also be made in any economic sector in Canada.

Baillie Gifford British Small Cos A Acc (BFBSA)

Old Investment ObjectiveThe Fund aims to achieve good returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term, principally through capital growth, by investing, whether directly or indirectly, in the United Kingdom, principally in smaller companies, in any economic sector. The ACD will determine from time to time what constitutes smaller companies.

Baillie Gifford British Sm Comp B Acc (BFBAA)

Old Investment ObjectiveThe Fund aims to achieve good returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term, principally through capital growth, by investing, whether directly or indirectly, in the United Kingdom, principally in smaller companies, in any economic sector. The ACD will determine from time to time what constitutes smaller companies.

Baillie Gifford British Sm Comp B Inc (BFBAI)

Old Investment ObjectiveThe Fund aims to achieve good returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term, principally through capital growth, by investing, whether directly or indirectly, in the United Kingdom, principally in smaller companies, in any economic sector. The ACD will determine from time to time what constitutes smaller companies.

Baillie Gifford Corporate Bond A Acc (BFCBA)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term principally through investment, whether direct or indirect, in any economic sector in the United States of America. From time to time, at the ACD's sole discretion, investment, whether direct or indirect, may also be made in any economic sector in Canada.

Baillie Gifford Corporate Bond A Inc (BFCBI)

Old Investment ObjectiveThe Fund aims to achieve good returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term, principally through capital growth, by investing, whether directly or indirectly, in the United Kingdom, principally in smaller companies, in any economic sector. The ACD will determine from time to time what constitutes smaller companies.

Baillie Gifford Corporate Bond B Acc (BFCOA)

Old Investment ObjectiveThe Fund aims to achieve good returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term, principally through capital growth, by investing, whether directly or indirectly, in the United Kingdom, principally in smaller companies, in any economic sector. The ACD will determine from time to time what constitutes smaller companies.

Baillie Gifford Corporate Bond B Inc (BFCOI)

Old Investment ObjectiveThe Fund aims to achieve good returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term, principally through capital growth, by investing, whether directly or indirectly, in the United Kingdom, principally in smaller companies, in any economic sector. The ACD will determine from time to time what constitutes smaller companies.

Baillie Gifford Dvlop Asia Pacific A Acc (BFDAA)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term through investment, whether direct or indirect, in any economic sectors of any of the markets included in the MSCI Pacific Index or any successor or substitute index, in each case as modified from time to time, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Dev Asia Pacific B Acc (BFDPA)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term through investment, whether direct or indirect, in any economic sectors of any of the markets included in the MSCI Pacific Index or any successor or substitute index, in each case as modified from time to time, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Em Mkt Leading Cos A Acc (BFAML)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term through investment primarily in a concentrated portfolio of the larger and more tradable companies, as measured by the value of their freely floating shares and value of shares traded, in emerging markets worldwide and in any economic sectors of such markets. The inclusion of any particular market or geographic area, being an emerging market or area, is solely at the ACD’s discretion.

Baillie Gifford Em Mkts Lead Comp B Acc (BFELA)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term through investment primarily in a concentrated portfolio of the larger and more tradable companies, as measured by the value of their freely floating shares and value of shares traded, in emerging markets worldwide and in any economic sectors of such markets. The inclusion of any particular market or geographic area, being an emerging market or area, is solely at the ACD's discretion.

Baillie Gifford Em Mkts Lead Comp B Inc (BFELI)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce a total return, before charges and expenses payable out of the Fund, in excess of the total return on the FTSE Actuaries UK Conventional Gilts All Stocks Index, or any successor or substitute index, by 1.5% per annum over rolling 3-year periods. There is no guarantee that a positive return will be achieved over rolling 3-year periods or any time period and capital may be at risk. The Fund will invest primarily in: UK government bonds; overseas government bonds; and quasi-government bonds, some of which may be issued by developing countries. Currency forwards and derivatives will be used, in keeping with the Fund's objective, with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford Active Gilt Plus B Acc (BFAPA)

Old Investment ObjectiveThe Fund aims to achieve a total return, through combined capital growth and income payment that is on average 1.5% greater than the total return of the FTSE British Government All Stocks Index.

New Investment ObjectiveThe objective is to produce attractive returns over the long term through investment primarily in a concentrated portfolio of the larger and more tradable companies, as measured by the value of their freely floating shares and value of shares traded, in emerging markets worldwide and in any economic sectors of such markets. The inclusion of any particular market or geographic area, being an emerging market or area, is solely at the ACD’s discretion.

Baillie Gifford Emerging Markets Bnd B I (BFEBI)

Old Investment ObjectiveThe Fund aims to achieve a total return, through combined capital growth and income payment, before charges, greater than the combined capital growth and income of the JP Morgan GBI-EM Global Diversified Index un-hedged in sterling.

New Investment ObjectiveThe objective is to produce a total return, before charges and expenses payable out of the Fund, in excess of the total return on the J.P. Morgan GBI-EM Global Diversified Index unhedged in sterling, or any successor or substitute index, in each case as modified from time to time over rolling 3-year periods. There is no guarantee that a positive return will be achieved over rolling 3-year periods or any time period and capital may be at risk. The Fund will invest primarily in bonds issued by one or more of the following: sovereign, supranational, public sector and corporate issuers. Normally at least 75% of the Fund's assets will be held in bonds issued by emerging market borrowers or bonds denominated in emerging market currencies, but the Fund may also invest in bonds denominated in any currency and issued by one or more of the following: sovereign, supranational, public sector and corporate issuers in developed markets. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective, with the intention of altering the Fund's currency or market exposure and either enhancing or protecting the return on the Fund.

Baillie Gifford Emerging Markets Bnd Inc (BFEMI)

Old Investment ObjectiveThe Fund aims to achieve a total return, through combined capital growth and income payment, before charges, greater than the combined capital growth and income of the JP Morgan GBI-EM Global Diversified Index un-hedged in sterling.

New Investment ObjectiveThe objective is to produce a total return, before charges and expenses payable out of the Fund, in excess of the total return on the J.P. Morgan GBI-EM Global Diversified Index unhedged in sterling, or any successor or substitute index, in each case as modified from time to time over rolling 3-year periods. There is no guarantee that a positive return will be achieved over rolling 3-year periods or any time period and capital may be at risk. The Fund will invest primarily in bonds issued by one or more of the following: sovereign, supranational, public sector and corporate issuers. Normally at least 75% of the Fund's assets will be held in bonds issued by emerging market borrowers or bonds denominated in emerging market currencies, but the Fund may also invest in bonds denominated in any currency and issued by one or more of the following: sovereign, supranational, public sector and corporate issuers in developed markets. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective, with the intention of altering the Fund's currency or market exposure and either enhancing or protecting the return on the Fund.

Baillie Gifford Emerging Mkt Grwth B Acc (BFEBA)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term through investment, whether direct or indirect, primarily in emerging markets worldwide and in any economic sectors of such markets. The inclusion of any particular market or geographic area, being an emerging market or area, is solely at the ACD's discretion.

Baillie Gifford Emerging Mkt Grwth A Acc (BFAMG)

Old Investment ObjectiveThe Fund aims to maximise total returns, mainly through capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term through investment, whether direct or indirect, primarily in emerging markets worldwide and in any economic sectors of such markets. The inclusion of any particular market or geographic area, being an emerging market or area, is solely at the ACD's discretion.

Baillie Gifford European Fund A Acc (BFEUA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing in Continental Europe, including the Republic of Ireland, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford European Fund B NAV Inc (BFEUB)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing in Continental Europe, including the Republic of Ireland, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford European B Acc (BFEAB)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing in Continental Europe, including the Republic of Ireland, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Global Alpha Growth Acc (BFGAA)

Old Investment ObjectiveThe Fund aims to achieve above average total returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing primarily in global equities. The Fund may also invest in other transferable securities, money market instruments, cash and near cash.

Baillie Gifford Global Alpha Growth Acc (BFGGA)

Old Investment ObjectiveThe Fund aims to achieve above average total returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing primarily in global equities. The Fund may also invest in other transferable securities, money market instruments, cash and near cash.

Baillie Gifford Global Alpha Grth B Inc (BFGGI)

Old Investment ObjectiveThe Fund aims to achieve above average total returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing primarily in global equities. The Fund may also invest in other transferable securities, money market instruments, cash and near cash.

Baillie Gifford Global Discovery A Acc (BFESA)

Old Investment ObjectiveThe Fund aims to achieve above average total returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing globally in transferable securities of companies that the ACD considers offer excellent future growth prospects. The Fund may also invest in money market instruments, cash and near cash. In addition, the Fund also has the ability to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Global Discovery B Acc (BFGDA)

Old Investment ObjectiveThe Fund aims to achieve above average total returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing globally in transferable securities of companies that the ACD considers offer excellent future growth prospects. The Fund may also invest in money market instruments, cash and near cash. In addition, the Fund also has the ability to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Global Discovery B Inc (BFGDI)

Old Investment ObjectiveThe Fund aims to achieve above average total returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing globally in transferable securities of companies that the ACD considers offer excellent future growth prospects. The Fund may also invest in money market instruments, cash and near cash. In addition, the Fund also has the ability to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Glbal Income Grwth A Acc (BFINA)

Old Investment ObjectiveThe Fund aims to achieve a higher level of income than is generally available from shares worldwide; and both income and capital growth over the longer term.

New Investment ObjectiveThe objective is to obtain a yield higher than that generally available from investment in global equities whilst, over the longer term, achieving growth in both capital and income. The Fund will invest principally in equities worldwide, but may also invest in convertibles and fixed and floating rate debt instruments from time to time.

Baillie Gifford Glbal Income Grwth A Inc (BFINI)

Old Investment ObjectiveThe Fund aims to achieve a higher level of income than is generally available from shares worldwide; and both income and capital growth over the longer term.

New Investment ObjectiveThe objective is to obtain a yield higher than that generally available from investment in global equities whilst, over the longer term, achieving growth in both capital and income. The Fund will invest principally in equities worldwide, but may also invest in convertibles and fixed and floating rate debt instruments from time to time.

Baillie Gifford Glbal Income Grwth B Acc (BFGIA)

Old Investment ObjectiveThe Fund aims to achieve a higher level of income than is generally available from shares worldwide; and both income and capital growth over the longer term.

New Investment ObjectiveThe objective is to obtain a yield higher than that generally available from investment in global equities whilst, over the longer term, achieving growth in both capital and income. The Fund will invest principally in equities worldwide, but may also invest in convertibles and fixed and floating rate debt instruments from time to time.

Baillie Gifford Glbal Income Grwth B Inc (BFGII)

Old Investment ObjectiveThe Fund aims to achieve a higher level of income than is generally available from shares worldwide; and both income and capital growth over the longer term.

New Investment ObjectiveThe objective is to obtain a yield higher than that generally available from investment in global equities whilst, over the longer term, achieving growth in both capital and income. The Fund will invest principally in equities worldwide, but may also invest in convertibles and fixed and floating rate debt instruments from time to time.

Baillie Gifford Greater China Fund Acc (BFGCA)

Old Investment ObjectiveThe Fund aims to achieve long term capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing in the shares of companies listed on the stock exchanges of mainland China, Hong Kong or Taiwan and in addition by investing in the shares of companies listed on other exchanges which derive the majority of their revenues or profits from one or more of mainland China, Hong Kong and Taiwan. From time to time the portfolio may be concentrated and contain around only forty stocks.

Baillie Gifford Greater China B Inc (BFGCI)

Old Investment ObjectiveThe Fund aims to achieve long term capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing in the shares of companies listed on the stock exchanges of mainland China, Hong Kong or Taiwan and in addition by investing in the shares of companies listed on other exchanges which derive the majority of their revenues or profits from one or more of mainland China, Hong Kong and Taiwan. From time to time the portfolio may be concentrated and contain around only forty stocks.

Baillie Gifford Greater China Fund B Acc (BFGBA)

Old Investment ObjectiveThe Fund aims to achieve long term capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing in the shares of companies listed on the stock exchanges of mainland China, Hong Kong or Taiwan and in addition by investing in the shares of companies listed on other exchanges which derive the majority of their revenues or profits from one or more of mainland China, Hong Kong and Taiwan. From time to time the portfolio may be concentrated and contain around only forty stocks.

Baillie Gifford High Yield Bond A Inc (BFHYI)

Old Investment ObjectiveThe Fund aims to achieve a high level of total return, through combined capital growth and income payment.

New Investment ObjectiveThe objective is to produce a high level of return by investing in a diversified portfolio consisting primarily of sub-investment grade bonds. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford High Yield Bond B Acc (BFYBA)

Old Investment ObjectiveThe Fund aims to achieve a high level of total return, through combined capital growth and income payment.

New Investment ObjectiveThe objective is to produce a high level of return by investing in a diversified portfolio consisting primarily of sub-investment grade bonds. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford High Yield Bond B Inc (BFYBI)

Old Investment ObjectiveThe Fund aims to achieve a high level of total return, through combined capital growth and income payment.

New Investment ObjectiveThe objective is to produce a high level of return by investing in a diversified portfolio consisting primarily of sub-investment grade bonds. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford International Fund A Acc (BFITA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing principally in companies worldwide, excluding the United Kingdom.

Baillie Gifford International Fund B Inc (BFIBI)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing principally in companies worldwide, excluding the United Kingdom.

Baillie Gifford International Fund B Acc (BFIBA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing principally in companies worldwide, excluding the United Kingdom.

Baillie Gifford Invest Grade Bond A Inc (BFIGI)

Old Investment ObjectiveThe Fund aims to maximise total return, through combined capital growth and income payment whilst achieving a higher level of income than that earned from investment only in comparable UK government bonds.

New Investment ObjectiveThe objective is to produce attractive returns over the long term, while achieving a higher level of income than would be available from investment only in comparable UK Gilts, by investing primarily in a diversified portfolio of investment grade fixed interest securities denominated in sterling. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford Invest Grade Bond B Inc (BFGBI)

Old Investment ObjectiveThe Fund aims to maximise total return, through combined capital growth and income payment whilst achieving a higher level of income than that earned from investment only in comparable UK government bonds.

New Investment ObjectiveThe objective is to produce attractive returns over the long term, while achieving a higher level of income than would be available from investment only in comparable UK Gilts, by investing primarily in a diversified portfolio of investment grade fixed interest securities denominated in sterling. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective with the intention of either protecting or enhancing the return on the Fund.

Baillie Gifford Japanese Fund A Acc (BFJAA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term through investment in Japan in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Japanese B Acc (BFJBA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term through investment in Japan in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Japanese B Inc (BFJBI)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term through investment in Japan in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Managed Fund A Acc (BFMAA)

Old Investment ObjectiveThe Fund aims to achieve above average returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing worldwide in transferable securities, whether directly or via collective investment schemes, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in deposits.

Baillie Gifford Managed Fund A Inc (BFMAI)

Old Investment ObjectiveThe Fund aims to achieve above average returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing worldwide in transferable securities, whether directly or via collective investment schemes, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in deposits.

Baillie Gifford Managed B Acc (BFMGA)

Old Investment ObjectiveThe Fund aims to achieve above average returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing worldwide in transferable securities, whether directly or via collective investment schemes, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in deposits.

Baillie Gifford Managed B Inc (BFMGI)

Old Investment ObjectiveThe Fund aims to achieve above average returns, mainly through capital growth, over the long term.

New Investment ObjectiveThe objective is to produce attractive returns over the long term by investing worldwide in transferable securities, whether directly or via collective investment schemes, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in deposits.

Baillie Gifford Pacific Fund A Acc (BFPAA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investment in the Far East, Australasia and the Indian sub-continent in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Pacific B Inc (BFPBI)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investment in the Far East, Australasia and the Indian sub-continent in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford Pacific Fund B Acc (BFPBA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investment in the Far East, Australasia and the Indian sub-continent in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits.

Baillie Gifford UK Equity Alpha A Acc (BFBTA)

Old Investment ObjectiveThe Fund aims to achieve a total return, mainly through capital growth,which exceeds that of the FTSE All Share Index over the long term.

New Investment ObjectiveThe objective is to produce attractive returns in excess of the total return on the FTSE All Share Index, or any successor or substitute index, over the long term. The Fund will invest principally in UK companies and, in particular, at least 90% in value of the Fund will generally be invested in shares of companies listed in the FTSE All Share Index, or any successor or substitute index. The Fund may invest in UK companies of all sizes and will invest in a concentrated portfolio, typically comprised of between 30 and 40 holdings, of primarily UK equities.

Baillie Gifford UK Equity Alpha A Inc (BFBTI)

Old Investment ObjectiveThe Fund aims to achieve a total return, mainly through capital growth,which exceeds that of the FTSE All Share Index over the long term.

New Investment ObjectiveThe objective is to produce attractive returns in excess of the total return on the FTSE All Share Index, or any successor or substitute index, over the long term. The Fund will invest principally in UK companies and, in particular, at least 90% in value of the Fund will generally be invested in shares of companies listed in the FTSE All Share Index, or any successor or substitute index. The Fund may invest in UK companies of all sizes and will invest in a concentrated portfolio, typically comprised of between 30 and 40 holdings, of primarily UK equities.

Baillie Gifford UK Equity Alpha B Inc (BFBTN)

Old Investment ObjectiveThe Fund aims to achieve a total return, mainly through capital growth,which exceeds that of the FTSE All Share Index over the long term.

New Investment ObjectiveThe objective is to produce attractive returns in excess of the total return on the FTSE All Share Index, or any successor or substitute index, over the long term. The Fund will invest principally in UK companies and, in particular, at least 90% in value of the Fund will generally be invested in shares of companies listed in the FTSE All Share Index, or any successor or substitute index. The Fund may invest in UK companies of all sizes and will invest in a concentrated portfolio, typically comprised of between 30 and 40 holdings, of primarily UK equities.

Baillie Gifford UK Equity Alpha B Acc (BFBBA)

Old Investment ObjectiveThe Fund aims to achieve a total return, mainly through capital growth,which exceeds that of the FTSE All Share Index over the long term.

New Investment ObjectiveThe objective is to produce attractive returns in excess of the total return on the FTSE All Share Index, or any successor or substitute index, over the long term. The Fund will invest principally in UK companies and, in particular, at least 90% in value of the Fund will generally be invested in shares of companies listed in the FTSE All Share Index, or any successor or substitute index. The Fund may invest in UK companies of all sizes and will invest in a concentrated portfolio, typically comprised of between 30 and 40 holdings, of primarily UK equities.

Baillie Gifford Japan Smaller Cos A Acc (BFJSA)

Old Investment ObjectiveThe fund aims to achieve capital growth by investing, whether directly or indirectly in Japan, with particular emphasis on smaller companies, in any economic sector. The Authorised Corporate Director (ACD) will determine from time to time what constitutes smaller companies.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing, whether directly or indirectly, in Japan, with particular emphasis on smaller companies, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits. The ACD will determine from time to time what constitutes smaller companies.

Baillie Gifford Japanese Smaller B Inc (BFSMA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing, whether directly or indirectly, in Japan, with particular emphasis on smaller companies, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits. The ACD will determine from time to time what constitutes smaller companies.

Baillie Gifford Japanese Sm Comp B Acc (BFSBA)

Old Investment ObjectiveThe Fund aims to achieve capital growth.

New Investment ObjectiveThe objective is to produce attractive capital growth over the long term by investing, whether directly or indirectly, in Japan, with particular emphasis on smaller companies, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in each of the following: collective investment schemes and deposits. The ACD will determine from time to time what constitutes smaller companies.

Effective date: 1 December 2014

Premier Multi Asset Inc & Growth A Inc (PMSII)

Old Investment ObjectiveThe investment objective of the Fund is to provide income together with some long term capital growth from a portfolio of investment.

New Investment ObjectiveThe Fund aims to grow the value of an original investment over the long term and provide investors with an income.

Premier Multi-Asset Inc & Growth C Inc (PMIGI)

Old Investment ObjectiveThe investment objective of the Fund is to provide income together with some long term capital growth from a portfolio of investment.

New Investment ObjectiveThe Fund aims to grow the value of an original investment over the long term and provide investors with an income.

Premier Multi Asset Inc & Growth A Acc (PMSIA)

Old Investment ObjectiveThe investment objective of the Fund is to provide income together with some long term capital growth from a portfolio of investment.

New Investment ObjectiveThe Fund aims to grow the value of an original investment over the long term and provide investors with an income.

Premier Multi-Asset Inc & Growth C Inc (PMIGI)

Old Investment ObjectiveThe investment objective of the Fund is to provide income together with some long term capital growth from a portfolio of investment.

New Investment ObjectiveThe Fund aims to grow the value of an original investment over the long term and provide investors with an income.

Effective date: 30 November 2014

Old Mutual Managed OEIC Acc (GRGPA)

Old Investment ObjectiveThe fund aims to provide long term capital growth through the active management of a diversified portfolio. It will invest primarily, either directly or indirectly, in bond and equity investments, generally by investing in other Old Mutual collective investment schemes. There are no specific restrictions as to the economic sectors or geographic regions that the fund may invest in. Subject to the regulations, the property of the fund may include transferable securities, units in collective investment schemes (including those managed or operated by the ACD or an associate of the ACD), warrants, money market instruments, deposits and derivatives. The fund uses the VaR approach to calculate global exposure. As the fund will be permitted to use derivatives for investment purposes which may therefore, at times increase the volatility of the fund’s NAV and change the risk profile of the fund.

New Investment ObjectiveThe fund aims to provide long term capital growth through the active management of a diversified portfolio. It will invest primarily, either directly or indirectly, in bond and equity investments, generally by investing in other Old Mutual collective investment schemes. There are no specific restrictions as to the economic sectors or geographic regions that the fund may invest in. Subject to the regulations, the property of the fund may include transferable securities, units in collective investment schemes (including those managed or operated by the ACD or an associate of the ACD), warrants, money market instruments, deposits and derivatives. More than 35% in value of the property of the sub-fund may consist of Government and other public securities issued by one issuer in accordance with the investment management and borrowing powers of the Company set out in schedule 2. The fund uses the VaR approach to calculate global exposure. As the fund will be permitted to use derivatives for investment purposes which may therefore, at times increase the volatility of the fund’s NAV and change the risk profile of the fund.

Old Mutual Managed OEIC Inc (GRGPI)

Old Investment ObjectiveThe fund aims to provide long term capital growth through the active management of a diversified portfolio. It will invest primarily, either directly or indirectly, in bond and equity investments, generally by investing in other Old Mutual collective investment schemes. There are no specific restrictions as to the economic sectors or geographic regions that the fund may invest in. Subject to the regulations, the property of the fund may include transferable securities, units in collective investment schemes (including those managed or operated by the ACD or an associate of the ACD), warrants, money market instruments, deposits and derivatives. The fund uses the VaR approach to calculate global exposure. As the fund will be permitted to use derivatives for investment purposes which may therefore, at times increase the volatility of the fund’s NAV and change the risk profile of the fund.

New Investment ObjectiveThe fund aims to provide long term capital growth through the active management of a diversified portfolio. It will invest primarily, either directly or indirectly, in bond and equity investments, generally by investing in other Old Mutual collective investment schemes. There are no specific restrictions as to the economic sectors or geographic regions that the fund may invest in. Subject to the regulations, the property of the fund may include transferable securities, units in collective investment schemes (including those managed or operated by the ACD or an associate of the ACD), warrants, money market instruments, deposits and derivatives. More than 35% in value of the property of the sub-fund may consist of Government and other public securities issued by one issuer in accordance with the investment management and borrowing powers of the Company set out in schedule 2. The fund uses the VaR approach to calculate global exposure. As the fund will be permitted to use derivatives for investment purposes which may therefore, at times increase the volatility of the fund’s NAV and change the risk profile of the fund.

Old Mutual Managed Fund R Acc (GRMRA)

Old Investment ObjectiveThe fund aims to provide long term capital growth through the active management of a diversified portfolio. It will invest primarily, either directly or indirectly, in bond and equity investments, generally by investing in other Old Mutual collective investment schemes. There are no specific restrictions as to the economic sectors or geographic regions that the fund may invest in. Subject to the regulations, the property of the fund may include transferable securities, units in collective investment schemes (including those managed or operated by the ACD or an associate of the ACD), warrants, money market instruments, deposits and derivatives. The fund uses the VaR approach to calculate global exposure. As the fund will be permitted to use derivatives for investment purposes which may therefore, at times increase the volatility of the fund’s NAV and change the risk profile of the fund.

New Investment ObjectiveThe fund aims to provide long term capital growth through the active management of a diversified portfolio. It will invest primarily, either directly or indirectly, in bond and equity investments, generally by investing in other Old Mutual collective investment schemes. There are no specific restrictions as to the economic sectors or geographic regions that the fund may invest in. Subject to the regulations, the property of the fund may include transferable securities, units in collective investment schemes (including those managed or operated by the ACD or an associate of the ACD), warrants, money market instruments, deposits and derivatives. More than 35% in value of the property of the sub-fund may consist of Government and other public securities issued by one issuer in accordance with the investment management and borrowing powers of the Company set out in schedule 2. The fund uses the VaR approach to calculate global exposure. As the fund will be permitted to use derivatives for investment purposes which may therefore, at times increase the volatility of the fund’s NAV and change the risk profile of the fund.

Effective date: 1 November 2014

Baring Portfolio Fund Class I GBP Inc (BIPOI)

Old Investment ObjectiveThe investment objective of the Trust is to achieve growth in capital and income by investing in any country and in any economic sectors of the world. The Managers' policy is that the Trust will be invested as though it were a large, actively managed, portfolio of a UK based private client. The Trust will primarily consist of a UK and international spread of investments in both equities and fixed income securities.

New Investment ObjectiveThe investment objective of the Trust is to achieve long-term capital growth through investments globally. The Manager's policy is that the Trust will primarily invest across asset classes including equities, fixed income securities, money market instruments and/or cash. The Trust will not have any restrictions on the proportion allocated to any particular asset class, country or economic sector. The Trust may gain exposure to asset classes indirectly such as through the use of collective investment schemes including index tracking and exchange traded funds and/or directly. The Trust may also seek exposure to currencies and indirectly to alternative asset classes, including commodities, property, private equity or hedge funds. The Trust may use derivatives for investment purposes as well as for efficient portfolio management.

Baring Portfolio Trust Acc (BRPFA)

Old Investment ObjectiveThe investment objective of the Trust is to achieve growth in capital and income by investing in any country and in any economic sectors of the world. The Managers' policy is that the Trust will be invested as though it were a large, actively managed, portfolio of a UK based private client. The Trust will primarily consist of a UK and international spread of investments in both equities and fixed income securities.

New Investment ObjectiveThe investment objective of the Trust is to achieve long-term capital growth through investments globally. The Manager's policy is that the Trust will primarily invest across asset classes including equities, fixed income securities, money market instruments and/or cash. The Trust will not have any restrictions on the proportion allocated to any particular asset class, country or economic sector. The Trust may gain exposure to asset classes indirectly such as through the use of collective investment schemes including index tracking and exchange traded funds and/or directly. The Trust may also seek exposure to currencies and indirectly to alternative asset classes, including commodities, property, private equity or hedge funds. The Trust may use derivatives for investment purposes as well as for efficient portfolio management.

Baring Portfolio Trust Inc (BRPFI)

Old Investment ObjectiveThe investment objective of the Trust is to achieve growth in capital and income by investing in any country and in any economic sectors of the world. The Managers' policy is that the Trust will be invested as though it were a large, actively managed, portfolio of a UK based private client. The Trust will primarily consist of a UK and international spread of investments in both equities and fixed income securities.

New Investment ObjectiveThe investment objective of the Trust is to achieve long-term capital growth through investments globally. The Manager's policy is that the Trust will primarily invest across asset classes including equities, fixed income securities, money market instruments and/or cash. The Trust will not have any restrictions on the proportion allocated to any particular asset class, country or economic sector. The Trust may gain exposure to asset classes indirectly such as through the use of collective investment schemes including index tracking and exchange traded funds and/or directly. The Trust may also seek exposure to currencies and indirectly to alternative asset classes, including commodities, property, private equity or hedge funds. The Trust may use derivatives for investment purposes as well as for efficient portfolio management.

Effective date: 6 October 2014

Pictet Global Megatrend Sel I GBP Inc

Old Investment Objective

The sub-fund seeks capital growth by investing at least two-thirds of its total assets in corporate shares in accordance with the investments of Pictet open-ended theme funds, where each theme is, in principle, equal weighted and rebalanced each month. The investment universe is not restricted to a specific geographical zone.

New Investment Objective

The Compartment will apply a strategy for capital growth by investing at least two-thirds of its total assets/wealth in equities or in any other security linked to equities, issued by companies throughout the world. The Compartment will invest primarily in securities that may benefit from global megatrends, i.e. long-term market trends resulting from sustainable, secular changes in economic and social factors such as demographics, lifestyle, regulations and the environment. The risks will be minimised in a general environment of geographic diversification.

Pictet Global Megatrend Selection P Inc

Old Investment Objective

The sub-fund seeks capital growth by investing at least two-thirds of its total assets in corporate shares in accordance with the investments of Pictet open-ended theme funds, where each theme is, in principle, equal weighted and rebalanced each month. The investment universe is not restricted to a specific geographical zone.

New Investment Objective

The Compartment will apply a strategy for capital growth by investing at least two-thirds of its total assets/wealth in equities or in any other security linked to equities, issued by companies throughout the world. The Compartment will invest primarily in securities that may benefit from global megatrends, i.e. long-term market trends resulting from sustainable, secular changes in economic and social factors such as demographics, lifestyle, regulations and the environment. The risks will be minimised in a general environment of geographic diversification.

Effective date: 1 October 2014

Newton Corporate Bond Fund Acc

Old Investment Objective

The objective of the Sub-Fund is to provide a high yield through a flexible allocation between investment grade and sub-investment grade corporate bonds and other predominantly fixed interest securities. The Sub-Fund may also invest in deposits, derivative instruments, forward transactions and collective investment schemes (including, without limitation, another Sub-Fund of the Company).

New Investment Objective

The objective of the Sub-Fund is to generate a total return (being a combination of income and capital growth). The policy of the Sub-Fund is to aim to achieve the objective principally through investment in Sterling denominated (or hedged back to Sterling) investment grade corporate bond securities and asset backed securities and other debt instruments. Investment may be in both fixed and variable rate debt instruments. The Sub-Fund may also invest in sub-investment grade corporate bond and other fixed income securities, collective investment schemes, cash and near cash, other transferable securities, money market instruments (including deposits and loans) and derivatives. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Newton Corporate Bond Fund Inc

Old Investment Objective

The objective of the Sub-Fund is to provide a high yield through a flexible allocation between investment grade and sub-investment grade corporate bonds and other predominantly fixed interest securities. The Sub-Fund may also invest in deposits, derivative instruments, forward transactions and collective investment schemes (including, without limitation, another Sub-Fund of the Company).

New Investment Objective

The objective of the Sub-Fund is to generate a total return (being a combination of income and capital growth). The policy of the Sub-Fund is to aim to achieve the objective principally through investment in Sterling denominated (or hedged back to Sterling) investment grade corporate bond securities and asset backed securities and other debt instruments. Investment may be in both fixed and variable rate debt instruments. The Sub-Fund may also invest in sub-investment grade corporate bond and other fixed income securities, collective investment schemes, cash and near cash, other transferable securities, money market instruments (including deposits and loans) and derivatives. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Newton Corporate Bond Inc

Old Investment Objective

The objective of the Sub-Fund is to provide a high yield through a flexible allocation between investment grade and sub-investment grade corporate bonds and other predominantly fixed interest securities. The Sub-Fund may also invest in deposits, derivative instruments, forward transactions and collective.

New Investment Objective

The objective of the Sub-Fund is to generate a total return (being a combination of income and capital growth). The policy of the Sub-Fund is to aim to achieve the objective principally through investment in Sterling denominated (or hedged back to Sterling) investment grade corporate bond securities and asset backed securities and other debt instruments. Investment may be in both fixed and variable rate debt instruments. The Sub-Fund may also invest in sub-investment grade corporate bond and other fixed income securities, collective investment schemes, cash and near cash, other transferable securities, money market instruments (including deposits and loans) and derivatives. Derivatives may be used for investment purposes as well as for efficient portfolio management.

Effective date: 23 September 2014

Schroder Multi-Manager Diversity Fund Z Acc (CZDVA)

Old Investment Objective

"The Schroder MM Diversity Fund’s aim is to achieve long term capital growth in excess of inflation from a portfolio invested across a broad range of asset classes. The Trust is intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities.

The investment policy of the Trust is to invest mainly in collective investment schemes but, where it is considered appropriate, investment may also be made in closed ended funds, individual transferable securities, money market instruments and/or derivative and forward transactions.

The Trust may also seek investment diversification by obtaining exposure to alternative asset classes including hedge funds, private equity, commodities and indirectly in property through investment in collective investments, transferable securities and other securities and instruments in which the Trust may invest.

The Trust may utilise derivatives for the purposes of efficient portfolio management. Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"Aims to achieve long term capital growth over a rolling five-year period in excess of inflation UK Consumer Price Index from a portfolio invested across a broad range of asset classes. The Fund is intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds. Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds.

Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed ended funds, individual transferable securities, money market instruments, deposits and cash and near cash."

Schroder Multi-Manager Diversity fund Z Inc (CZDVI)

Old Investment Objective

"The Schroder MM Diversity Fund’s aim is to achieve long term capital growth in excess of inflation from a portfolio invested across a broad range of asset classes. The Trust is intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities.

The investment policy of the Trust is to invest mainly in collective investment schemes but, where it is considered appropriate, investment may also be made in closed ended funds, individual transferable securities, money market instruments and/or derivative and forward transactions.

The Trust may also seek investment diversification by obtaining exposure to alternative asset classes including hedge funds, private equity, commodities and indirectly in property through investment in collective investments, transferable securities and other securities and instruments in which the Trust may invest.

The Trust may utilise derivatives for the purposes of efficient portfolio management. Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"Aims to achieve long term capital growth over a rolling five-year period in excess of inflation (UK Consumer Price Index) from a portfolio invested across a broad range of asset classes. The Fund is intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds. Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds.

Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed ended funds, individual transferable securities, money market instruments, deposits and cash and near cash."

Schroder Multi-Manager Diversity A Acc (CZMDA)

Old Investment Objective

"The Schroder MM Diversity Fund’s aim is to achieve long term capital growth in excess of inflation from a portfolio invested across a broad range of asset classes. The Trust is intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities.

The investment policy of the Trust is to invest mainly in collective investment schemes but, where it is considered appropriate, investment may also be made in closed ended funds, individual transferable securities, money market instruments and/or derivative and forward transactions.

The Trust may also seek investment diversification by obtaining exposure to alternative asset classes including hedge funds, private equity, commodities and indirectly in property through investment in collective investments, transferable securities and other securities and instruments in which the Trust may invest.

The Trust may utilise derivatives for the purposes of efficient portfolio management. Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"Aims to achieve long term capital growth over a rolling five-year period in excess of inflation (UK Consumer Price Index) from a portfolio invested across a broad range of asset classes. The Fund is intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds. Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds.

Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed ended funds, individual transferable securities, money market instruments, deposits and cash and near cash."

Schroder Multi-Manager Diversity A Inc (CZMDI)

Old Investment Objective

"The Schroder MM Diversity Fund’s aim is to achieve long term capital growth in excess of inflation from a portfolio invested across a broad range of asset classes. The Trust is intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities.

The investment policy of the Trust is to invest mainly in collective investment schemes but, where it is considered appropriate, investment may also be made in closed ended funds, individual transferable securities, money market instruments and/or derivative and forward transactions.

The Trust may also seek investment diversification by obtaining exposure to alternative asset classes including hedge funds, private equity, commodities and indirectly in property through investment in collective investments, transferable securities and other securities and instruments in which the Trust may invest.

The Trust may utilise derivatives for the purposes of efficient portfolio management. Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"Aims to achieve long term capital growth over a rolling five-year period in excess of inflation (UK Consumer Price Index) from a portfolio invested across a broad range of asset classes. The Fund is intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds. Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds.

Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed ended funds, individual transferable securities, money market instruments, deposits and cash and near cash."

Schroder MM Diversity Income Fund Z Acc (CXDVA)

Old Investment Objective

"The Schroder MM Diversity Income Fund seeks over the medium term to deliver a capital return that is in line with, or above, the consumer price index while also providing an average income distribution of 4 per cent. per annum. There is no guarantee that this objective will be met.

The Trust will invest across a broad range of asset classes which are intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities.

The investment policy of the Trust is to invest mainly in collective investment schemes but, where it is considered appropriate, investment may also be made in closed ended funds, individual transferable securities and money market instruments.

The Trust may utilise derivatives for the purposes of efficient portfolio management.

Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

Seeks to deliver a capital return over a rolling five-year period that is in line with, or above, the consumer price index while also aiming to provide an income distribution of 4 per cent per annum. There is no guarantee that this objective will be met. The Fund will invest across a broad range of asset classes which are intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds. Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds.

Schroder MM Diversity Income Fund A Acc (CZMIA)

Old Investment Objective

"The Schroder MM Diversity Income Fund seeks over the medium term to deliver a capital return that is in line with, or above, the consumer price index while also providing an average income distribution of 4 per cent. per annum. There is no guarantee that this objective will be met.

The Trust will invest across a broad range of asset classes which are intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities.

The investment policy of the Trust is to invest mainly in collective investment schemes but, where it is considered appropriate, investment may also be made in closed ended funds, individual transferable securities and money market instruments.

The Trust may utilise derivatives for the purposes of efficient portfolio management.

Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

Seeks to deliver a capital return over a rolling five-year period that is in line with, or above, the consumer price index while also aiming to provide an income distribution of 4 per cent per annum. There is no guarantee that this objective will be met. The Fund will invest across a broad range of asset classes which are intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds. Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds.

Schroder MM Diversity Income Fund A Inc (CZMII)

Old Investment Objective

"The Schroder MM Diversity Income Fund seeks over the medium term to deliver a capital return that is in line with, or above, the consumer price index while also providing an average income distribution of 4 per cent. per annum. There is no guarantee that this objective will be met.

The Trust will invest across a broad range of asset classes which are intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities.

The investment policy of the Trust is to invest mainly in collective investment schemes but, where it is considered appropriate, investment may also be made in closed ended funds, individual transferable securities and money market instruments.

The Trust may utilise derivatives for the purposes of efficient portfolio management.

Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

Seeks to deliver a capital return over a rolling five-year period that is in line with, or above, the consumer price index while also aiming to provide an income distribution of 4 per cent per annum. There is no guarantee that this objective will be met. The Fund will invest across a broad range of asset classes which are intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds. Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds.

Schroder MM Diversity Income Fund Z Inc (CXDVI)

Old Investment Objective

"The Schroder MM Diversity Income Fund seeks over the medium term to deliver a capital return that is in line with, or above, the consumer price index while also providing an average income distribution of 4 per cent. per annum. There is no guarantee that this objective will be met.

The Trust will invest across a broad range of asset classes which are intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities.

The investment policy of the Trust is to invest mainly in collective investment schemes but, where it is considered appropriate, investment may also be made in closed ended funds, individual transferable securities and money market instruments.

The Trust may utilise derivatives for the purposes of efficient portfolio management.

Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

Seeks to deliver a capital return over a rolling five-year period that is in line with, or above, the consumer price index while also aiming to provide an income distribution of 4 per cent per annum. There is no guarantee that this objective will be met. The Fund will invest across a broad range of asset classes which are intended to provide consistent rates of return with lower risk than more traditional approaches to portfolio management which tend to be largely dependent on the performance of equities. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds. Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds.

Schroder MM Diversity Tactical Fd A Acc (CZMMA)

Old Investment Objective

"The Schroder MM Diversity Tactical Fund seeks to provide capital appreciation through exposure to a diverse range of asset types including equities, bonds, fixed interest, cash and any other permitted assets deemed appropriate to meet the investment objective.

The Trust will follow a tactical asset allocation strategy through which it will seek to achieve its objective by seeking to increase returns and reduce downside risk by making tactical adjustments to the Trust’s holdings based on market conditions.

Where appropriate the Trust may invest in alternative investments including hedge funds, private equity funds and indirectly in commodities and property investment. It may also in certain circumstances hold individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management."

New Investment Objective

"Seeks to provide capital growth through exposure to a diverse range of asset types including equities, bonds, fixed interest, cash and any other permitted assets deemed appropriate to meet the investment objective.

The Fund will follow a tactical asset allocation strategy through which it will seek to increase returns and reduce downside risk by making tactical adjustments to the Fund’s holdings based on market conditions.

The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds that invest in equities and fixed income.

Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds."

Schroder MM Diversity Tactical Fd A Inc (CZMMI)

Old Investment Objective

"The Schroder MM Diversity Tactical Fund seeks to provide capital appreciation through exposure to a diverse range of asset types including equities, bonds, fixed interest, cash and any other permitted assets deemed appropriate to meet the investment objective.

The Trust will follow a tactical asset allocation strategy through which it will seek to achieve its objective by seeking to increase returns and reduce downside risk by making tactical adjustments to the Trust’s holdings based on market conditions.

Where appropriate the Trust may invest in alternative investments including hedge funds, private equity funds and indirectly in commodities and property investment. It may also in certain circumstances hold individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management."

New Investment Objective

"Seeks to provide capital growth through exposure to a diverse range of asset types including equities, bonds, fixed interest, cash and any other permitted assets deemed appropriate to meet the investment objective.

The Fund will follow a tactical asset allocation strategy through which it will seek to increase returns and reduce downside risk by making tactical adjustments to the Fund’s holdings based on market conditions.

The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds that invest in equities and fixed income.

Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds."

Schroder MM Diversity Tactical Fund Z Acc (CXDTA)

Old Investment Objective

"The Schroder MM Diversity Tactical Fund seeks to provide capital appreciation through exposure to a diverse range of asset types including equities, bonds, fixed interest, cash and any other permitted assets deemed appropriate to meet the investment objective.

The Trust will follow a tactical asset allocation strategy through which it will seek to achieve its objective by seeking to increase returns and reduce downside risk by making tactical adjustments to the Trust’s holdings based on market conditions.

Where appropriate the Trust may invest in alternative investments including hedge funds, private equity funds and indirectly in commodities and property investment. It may also in certain circumstances hold individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management."

New Investment Objective

"Seeks to provide capital growth through exposure to a diverse range of asset types including equities, bonds, fixed interest, cash and any other permitted assets deemed appropriate to meet the investment objective.

The Fund will follow a tactical asset allocation strategy through which it will seek to increase returns and reduce downside risk by making tactical adjustments to the Fund’s holdings based on market conditions.

The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds that invest in equities and fixed income.

Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds."

Schroder MM Diversity Tactical Fund Z Inc (CXDTI)

Old Investment Objective

"The Schroder MM Diversity Tactical Fund seeks to provide capital appreciation through exposure to a diverse range of asset types including equities, bonds, fixed interest, cash and any other permitted assets deemed appropriate to meet the investment objective.

The Trust will follow a tactical asset allocation strategy through which it will seek to achieve its objective by seeking to increase returns and reduce downside risk by making tactical adjustments to the Trust’s holdings based on market conditions.

Where appropriate the Trust may invest in alternative investments including hedge funds, private equity funds and indirectly in commodities and property investment. It may also in certain circumstances hold individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management."

New Investment Objective

"Seeks to provide capital growth through exposure to a diverse range of asset types including equities, bonds, fixed interest, cash and any other permitted assets deemed appropriate to meet the investment objective.

The Fund will follow a tactical asset allocation strategy through which it will seek to increase returns and reduce downside risk by making tactical adjustments to the Fund’s holdings based on market conditions.

The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds that invest in equities and fixed income.

Additional investment diversification will be obtained through collective investment schemes that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds."

Schroder MM International Fund Z Acc (CXGLA)

Old Investment Objective

"The Schroder MM International Fund seeks to provide capital appreciation through investment in any and all geographic areas of the world and in all economic sectors.

The Trust will aim to achieve this objective through the purchase of a diversified portfolio of authorised unit trusts, open-ended investment companies and other collective investment schemes which invest primarily in companies that have their registered office, or derive a significant proportion of their revenue, or are predominantly operating from, outside the UK.

Although the investment policy of the Trust is to invest mainly in collective investment schemes, where it is considered appropriate, investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management.

Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"The fund seeks to provide capital appreciation through investment in any and all geographic areas of the world and in all economic sectors. The Trust will aim to achieve this objective through the purchase of a diversified portfolio of authorised unit trusts, open-ended investment companies and other collective investment schemes which invest primarily in companies that have their registered office, or derive a significant proportion of their revenue or are predominantly operating from, outside the UK. Although the investment policy of the Trust is to invest mainly in collective investment schemes where it is considered appropriate investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management. Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

Schroder MM International Fund Z Inc (CXGLI)

Old Investment Objective

"The Schroder MM International Fund seeks to provide capital appreciation through investment in any and all geographic areas of the world and in all economic sectors.

The Trust will aim to achieve this objective through the purchase of a diversified portfolio of authorised unit trusts, open-ended investment companies and other collective investment schemes which invest primarily in companies that have their registered office, or derive a significant proportion of their revenue, or are predominantly operating from, outside the UK.

Although the investment policy of the Trust is to invest mainly in collective investment schemes, where it is considered appropriate, investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management.

Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"The fund seeks to provide capital appreciation through investment in any and all geographic areas of the world and in all economic sectors. The Trust will aim to achieve this objective through the purchase of a diversified portfolio of authorised unit trusts, open-ended investment companies and other collective investment schemes which invest primarily in companies that have their registered office, or derive a significant proportion of their revenue or are predominantly operating from, outside the UK. Although the investment policy of the Trust is to invest mainly in collective investment schemes where it is considered appropriate investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management. Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

Schroder Multi-Manager Internat A Acc (CZMGA)

Old Investment Objective

"The Schroder MM International Fund seeks to provide capital appreciation through investment in any and all geographic areas of the world and in all economic sectors.

The Trust will aim to achieve this objective through the purchase of a diversified portfolio of authorised unit trusts, open-ended investment companies and other collective investment schemes which invest primarily in companies that have their registered office, or derive a significant proportion of their revenue, or are predominantly operating from, outside the UK.

Although the investment policy of the Trust is to invest mainly in collective investment schemes, where it is considered appropriate, investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management.

Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"The fund seeks to provide capital appreciation through investment in any and all geographic areas of the world and in all economic sectors. The Trust will aim to achieve this objective through the purchase of a diversified portfolio of authorised unit trusts, open-ended investment companies and other collective investment schemes which invest primarily in companies that have their registered office, or derive a significant proportion of their revenue or are predominantly operating from, outside the UK. Although the investment policy of the Trust is to invest mainly in collective investment schemes where it is considered appropriate investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management. Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

Schroder Multi-Manager Internat A Inc (CZMGI)

Old Investment Objective

"The Schroder MM International Fund seeks to provide capital appreciation through investment in any and all geographic areas of the world and in all economic sectors.

The Trust will aim to achieve this objective through the purchase of a diversified portfolio of authorised unit trusts, open-ended investment companies and other collective investment schemes which invest primarily in companies that have their registered office, or derive a significant proportion of their revenue, or are predominantly operating from, outside the UK.

Although the investment policy of the Trust is to invest mainly in collective investment schemes, where it is considered appropriate, investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management.

Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"The fund seeks to provide capital appreciation through investment in any and all geographic areas of the world and in all economic sectors. The Trust will aim to achieve this objective through the purchase of a diversified portfolio of authorised unit trusts, open-ended investment companies and other collective investment schemes which invest primarily in companies that have their registered office, or derive a significant proportion of their revenue or are predominantly operating from, outside the UK. Although the investment policy of the Trust is to invest mainly in collective investment schemes where it is considered appropriate investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management. Generally the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

Schroder Multi-Manager UK Growth A Acc (CZMUA)

Old Investment Objective

"The Schroder MM UK Growth Fund seeks to provide capital appreciation through investment, predominantly in the UK, in all economic sectors, through UK authorised unit trusts, open-ended investment companies and other collective investment schemes across several investment management groups.

Although the investment policy of the Trust is to invest mainly in collective investment schemes, where it is considered appropriate, investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management.

Generally, the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"The Schroder MM UK Growth Fund seeks to provide capital growth through investment across various economic sectors in the UK.

The Fund will invest in a diversified portfolio of collective investment schemes and exchange traded funds which invest mainly in the shares of companies that have their registered office, or derive a significant proportion of their revenue, or are predominantly operating from, within the UK.

Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed-ended funds, individual transferable securities, money market instruments deposits and cash or near cash.

The Fund may utilise derivatives and forward transactions for the purpose of efficient portfolio management."

Schroder Multi-Manager UK Growth A Inc (CZMUI)

Old Investment Objective

"The Schroder MM UK Growth Fund seeks to provide capital appreciation through investment, predominantly in the UK, in all economic sectors, through UK authorised unit trusts, open-ended investment companies and other collective investment schemes across several investment management groups.

Although the investment policy of the Trust is to invest mainly in collective investment schemes, where it is considered appropriate, investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management.

Generally, the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"The Schroder MM UK Growth Fund seeks to provide capital growth through investment across various economic sectors in the UK.

The Fund will invest in a diversified portfolio of collective investment schemes and exchange traded funds which invest mainly in the shares of companies that have their registered office, or derive a significant proportion of their revenue, or are predominantly operating from, within the UK.

Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed-ended funds, individual transferable securities, money market instruments deposits and cash or near cash.

The Fund may utilise derivatives and forward transactions for the purpose of efficient portfolio management."

Schroder Multi-Manager UK Growth Fund Z Acc (CXUGA)

Old Investment Objective

"The Schroder MM UK Growth Fund seeks to provide capital appreciation through investment, predominantly in the UK, in all economic sectors, through UK authorised unit trusts, open-ended investment companies and other collective investment schemes across several investment management groups.

Although the investment policy of the Trust is to invest mainly in collective investment schemes, where it is considered appropriate, investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management.

Generally, the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"The Schroder MM UK Growth Fund seeks to provide capital growth through investment across various economic sectors in the UK.

The Fund will invest in a diversified portfolio of collective investment schemes and exchange traded funds which invest mainly in the shares of companies that have their registered office, or derive a significant proportion of their revenue, or are predominantly operating from, within the UK.

Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed-ended funds, individual transferable securities, money market instruments deposits and cash or near cash.

The Fund may utilise derivatives and forward transactions for the purpose of efficient portfolio management."

Schroder Multi-Manager UK Growth Fund Z Inc (CXUGI)

Old Investment Objective

"The Schroder MM UK Growth Fund seeks to provide capital appreciation through investment, predominantly in the UK, in all economic sectors, through UK authorised unit trusts, open-ended investment companies and other collective investment schemes across several investment management groups.

Although the investment policy of the Trust is to invest mainly in collective investment schemes, where it is considered appropriate, investment may also be made in closed-ended funds, individual transferable securities, money market instruments and/or deposits.

The Trust may utilise derivatives and forward transactions for the purpose of efficient portfolio management.

Generally, the Manager intends the Trust to remain fully invested subject to the holding of cash or near cash."

New Investment Objective

"The Schroder MM UK Growth Fund seeks to provide capital growth through investment across various economic sectors in the UK.

The Fund will invest in a diversified portfolio of collective investment schemes and exchange traded funds which invest mainly in the shares of companies that have their registered office, or derive a significant proportion of their revenue, or are predominantly operating from, within the UK.

Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed-ended funds, individual transferable securities, money market instruments deposits and cash or near cash.

The Fund may utilise derivatives and forward transactions for the purpose of efficient portfolio management."

Schroder MM Diversity Balanced Fund (NURS) Z Acc (CXDBA)

Old Investment Objective

"The Schroder MM Diversity Balanced Fund seeks to deliver long term capital growth from exposure to a diversified portfolio of investments including equities, bonds, fixed interest and cash It will also aim to provide a moderate income. The Trust will have exposure to both United Kingdom and overseas markets.

The Trust will invest predominantly through authorised unit trusts, open-ended investment companies, exchange traded funds and other collective investment schemes. Where it is considered appropriate, the Trust may also invest in closed-ended funds, individual transferable securities, money market instruments, deposits and/or other securities and instruments.

The Trust may utilise derivatives for efficient portfolio management purposes. It may seek to protect capital through active asset allocation and the use of derivatives where appropriate."

New Investment Objective

The Fund seeks to deliver long term capital growth from exposure to a diversified portfolio of investments including equities, bonds, fixed interest and cash. It will also aim to provide a moderate income. The Fund will have exposure to both United Kingdom and overseas markets. It may seek to protect capital through active asset allocation and the use of derivatives where appropriate. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds. Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed-ended funds, individual transferable securities, money market instruments, deposits and cash or near cash. The Fund may utilise derivatives and forward transactions.

Schroder MM Diversity Balanced Fund (NURS) Z Inc (CXDBI)

Old Investment Objective

"The Schroder MM Diversity Balanced Fund seeks to deliver long term capital growth from exposure to a diversified portfolio of investments including equities, bonds, fixed interest and cash It will also aim to provide a moderate income. The Trust will have exposure to both United Kingdom and overseas markets.

The Trust will invest predominantly through authorised unit trusts, open-ended investment companies, exchange traded funds and other collective investment schemes. Where it is considered appropriate, the Trust may also invest in closed-ended funds, individual transferable securities, money market instruments, deposits and/or other securities and instruments.

The Trust may utilise derivatives for efficient portfolio management purposes. It may seek to protect capital through active asset allocation and the use of derivatives where appropriate."

New Investment Objective

The Fund seeks to deliver long term capital growth from exposure to a diversified portfolio of investments including equities, bonds, fixed interest and cash. It will also aim to provide a moderate income. The Fund will have exposure to both United Kingdom and overseas markets. It may seek to protect capital through active asset allocation and the use of derivatives where appropriate. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds. Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed-ended funds, individual transferable securities, money market instruments, deposits and cash or near cash. The Fund may utilise derivatives and forward transactions.

Schroder MM Diversity Balanced Fd C Acc (CZMBA)

Old Investment Objective

"The Schroder MM Diversity Balanced Fund seeks to deliver long term capital growth from exposure to a diversified portfolio of investments including equities, bonds, fixed interest and cash It will also aim to provide a moderate income. The Trust will have exposure to both United Kingdom and overseas markets.

The Trust will invest predominantly through authorised unit trusts, open-ended investment companies, exchange traded funds and other collective investment schemes. Where it is considered appropriate, the Trust may also invest in closed-ended funds, individual transferable securities, money market instruments, deposits and/or other securities and instruments.

The Trust may utilise derivatives for efficient portfolio management purposes. It may seek to protect capital through active asset allocation and the use of derivatives where appropriate."

New Investment Objective

The Fund seeks to deliver long term capital growth from exposure to a diversified portfolio of investments including equities, bonds, fixed interest and cash. It will also aim to provide a moderate income. The Fund will have exposure to both United Kingdom and overseas markets. It may seek to protect capital through active asset allocation and the use of derivatives where appropriate. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds. Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed-ended funds, individual transferable securities, money market instruments, deposits and cash or near cash. The Fund may utilise derivatives and forward transactions.

Schroder MM Diversity Balanced Fd C Inc (CZMBI)

Old Investment Objective

"The Schroder MM Diversity Balanced Fund seeks to deliver long term capital growth from exposure to a diversified portfolio of investments including equities, bonds, fixed interest and cash It will also aim to provide a moderate income. The Trust will have exposure to both United Kingdom and overseas markets.

The Trust will invest predominantly through authorised unit trusts, open-ended investment companies, exchange traded funds and other collective investment schemes. Where it is considered appropriate, the Trust may also invest in closed-ended funds, individual transferable securities, money market instruments, deposits and/or other securities and instruments.

The Trust may utilise derivatives for efficient portfolio management purposes. It may seek to protect capital through active asset allocation and the use of derivatives where appropriate."

New Investment Objective

The Fund seeks to deliver long term capital growth from exposure to a diversified portfolio of investments including equities, bonds, fixed interest and cash. It will also aim to provide a moderate income. The Fund will have exposure to both United Kingdom and overseas markets. It may seek to protect capital through active asset allocation and the use of derivatives where appropriate. The Fund will invest in global markets through a diversified portfolio of collective investment schemes and exchange traded funds that invest in alternative asset classes including private equity, property and commodities. Investment may also be made in approved money market funds. Although the investment policy of the Fund is to invest mainly in collective investment schemes, the Fund may also invest in closed-ended funds, individual transferable securities, money market instruments, deposits and cash or near cash. The Fund may utilise derivatives and forward transactions.

Effective date: 23 September 2014

Legal & General Global Equity Index I Acc (LGIXA)

Old Investment Objective

To maximise the growth and income, primarily from capital growth, by investing in securities worldwide, including the United Kingdom, which may be selected from all economic sectors. The Manager will vary the proportion of equity and capital market securities, as well as their distribution by geographical area, to meet this aim.

New Investment Objective

To seek to provide both an income and capital growth by aiming to track the performance of the global equity markets, as represented by the FTSE World Index. The Fund will invest primarily in the equities that make up the constituents of the FTSE World Index. Securities in the FTSE World Index will be held with weightings generally proportionate to their company’s market capitalisation. The Fund may also invest in other transferable securities, permitted deposits, money market instruments, cash, near cash and units in collective investment schemes. The Fund may hold derivatives for the purposes of efficient portfolio management.

Legal & General Global Equity Index I Inc (LGIXI)

Old Investment Objective

To maximise the growth and income, primarily from capital growth, by investing in securities worldwide, including the United Kingdom, which may be selected from all economic sectors. The Manager will vary the proportion of equity and capital market securities, as well as their distribution by geographical area, to meet this aim.

New Investment Objective

To seek to provide both an income and capital growth by aiming to track the performance of the global equity markets, as represented by the FTSE World Index. The Fund will invest primarily in the equities that make up the constituents of the FTSE World Index. Securities in the FTSE World Index will be held with weightings generally proportionate to their company’s market capitalisation. The Fund may also invest in other transferable securities, permitted deposits, money market instruments, cash, near cash and units in collective investment schemes. The Fund may hold derivatives for the purposes of efficient portfolio management.

Effective date: 15 August 2014

Investec Capital Accumulator I Acc (ICCAA)

Old Investment Objective

The Fund aims to produce steady capital growth over the long term by investing primarily in a portfolio of equities and related derivatives.

New Investment Objective

The Fund aims to produce steady capital growth over the long term by investing primarily in a portfolio of equities and related derivatives. While the Fund aims to achieve a positive return there is no guarantee it will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

Investec Capital Accumulator Acc (ICCAI)

Old Investment Objective

The Fund aims to produce steady capital growth over the long term by investing primarily in a portfolio of equities and related derivatives.

New Investment Objective

The Fund aims to produce steady capital growth over the long term by investing primarily in a portfolio of equities and related derivatives. While the Fund aims to achieve a positive return there is no guarantee it will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

Investec Global Free Enterprise I Acc (ICFNA)

Old Investment Objective

The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe that are expected to benefit from the process of privatisation, deregulation or demutualisation or otherwise believed to offer above average opportunities for capital gains and in derivatives the underlying assets of which are equities issued by companies around the globe that are expected to benefit from the process of privatisation, deregulation or demutualisation or otherwise believed to offer above average opportunities for capital gains.

New Investment Objective

The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the world that are believed to offer above average opportunities for capital gains, and in related derivatives.

Investec Global Free Enterprise (ICGPA)

Old Investment Objective

The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe that are expected to benefit from the process of privatisation, deregulation or demutualisation or otherwise believed to offer above average opportunities for capital gains and in derivatives the underlying assets of which are equities issued by companies around the globe that are expected to benefit from the process of privatisation, deregulation or demutualisation or otherwise believed to offer above average opportunities for capital gains.

New Investment Objective

The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the world that are believed to offer above average opportunities for capital gains, and in related derivatives.

Effective date: 1 August 2014

Marlborough North American Trust (MHNAT)

Old Investment Objective

The objective of the scheme is to obtain capital growth. In pursuing its objective, the scheme will invest predominantly in transferable securities of North American listed and / or North American domiciled companies. The scheme may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash and near cash.

New Investment Objective

The objective of the scheme is to seek to obtain a growing level of income with the potential for some capital growth. In pursuing its objective, the scheme will invest predominantly in the transferable securities of small, medium and large cap US listed and/or US domiciled companies. The scheme may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash and near cash.

Marlborough North American Trust Inc (MHNAI)

Old Investment Objective

The objective of the scheme is to obtain capital growth. In pursuing its objective, the scheme will invest predominantly in transferable securities of North American listed and / or North American domiciled companies. The scheme may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash and near cash.

New Investment Objective

The objective of the scheme is to seek to obtain a growing level of income with the potential for some capital growth. In pursuing its objective, the scheme will invest predominantly in the transferable securities of small, medium and large cap US listed and/or US domiciled companies. The scheme may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash and near cash.

Effective date: 28 July 2014

Standard Life Select Property Fund Acc (SLSPA)

Old Investment Objective

The fund is invested in the Standard Life Investments Select Property Fund which aims to provide long term growth from a combination of income and capital growth.

New Investment Objective

The fund is invested in the Standard Life Investments Global Real Estate Fund which aims to provide income, with some capital appreciation over the longer term

Standard Life Select Property Fund Inc (SLSPI)

Old Investment Objective

The fund is invested in the Standard Life Investments Select Property Fund which aims to provide long term growth from a combination of income and capital growth.

New Investment Objective

The fund is invested in the Standard Life Investments Global Real Estate Fund which aims to provide income, with some capital appreciation over the longer term

SL Inv Select Property P1 Fund (SLSTP)

Old Investment Objective

The fund is invested in the Standard Life Investments Select Property Fund which aims to provide long term growth from a combination of income and capital growth.

New Investment Objective

The fund is invested in the Standard Life Investments Global Real Estate Fund which aims to provide income, with some capital appreciation over the longer term

SL Inv Select Property P1 Fund (SLISP)

Old Investment Objective

The fund is invested in the Standard Life Investments Select Property Fund which aims to provide long term growth from a combination of income and capital growth.

New Investment Objective

The fund is invested in the Standard Life Investments Global Real Estate Fund which aims to provide income, with some capital appreciation over the longer term

Effective date: 1 July 2014

M&G International Sovereign Bond A Inc (MGISI)

Old Investment Objective

The Fund aims to maximise total return (the combination of income and growth of capital) through investment in a portfolio of investment grade debt instruments.

New Investment Objective

The Fund aims to maximise total return (the combination of income and growth of capital).

M&G International Sovereign Bond I Acc (MGIBA)

Old Investment Objective

The Fund aims to maximise total return (the combination of income and growth of capital) through investment in a portfolio of investment grade debt instruments.

New Investment Objective

The Fund aims to maximise total return (the combination of income and growth of capital).

M&G International Sovereign Bond I Inc (MGIBI)

Old Investment Objective

The Fund aims to maximise total return (the combination of income and growth of capital) through investment in a portfolio of investment grade debt instruments.

New Investment Objective

The Fund aims to maximise total return (the combination of income and growth of capital).

Marlborough UK Primary Opportunities In (MHQGI)

Old Investment Objective

The Fund aims to provide you with a total return that is greater than that provided by the FTSE All Share Index by investing in a concentrated portfolio of companies carefully selected from the full range listed on the London Stock Exchange.

New Investment Objective

The Company aims to provide you with capital growth and investment income in total that is greater than that provided by the FTSE All Share Index by investing in a concentrated portfolio of companies carefully selected from the full range listed on the London Stock Exchange, or its equivalent successor.

Marlborough UK Primary Opportunities Ac (MHQGA)

Old Investment Objective

The Fund aims to provide you with a total return that is greater than that provided by the FTSE All Share Index by investing in a concentrated portfolio of companies carefully selected from the full range listed on the London Stock Exchange.

New Investment Objective

The Company aims to provide you with capital growth and investment income in total that is greater than that provided by the FTSE All Share Index by investing in a concentrated portfolio of companies carefully selected from the full range listed on the London Stock Exchange, or its equivalent successor.

Marlborough UK Primary Opportunities In (MHPOI)

Old Investment Objective

The Fund aims to provide you with a total return that is greater than that provided by the FTSE All Share Index by investing in a concentrated portfolio of companies carefully selected from the full range listed on the London Stock Exchange.

New Investment Objective

The Company aims to provide you with capital growth and investment income in total that is greater than that provided by the FTSE All Share Index by investing in a concentrated portfolio of companies carefully selected from the full range listed on the London Stock Exchange, or its equivalent successor.

Marlborough UK Primary Opportunities Ac (MHPOA)

Old Investment Objective

The Fund aims to provide you with a total return that is greater than that provided by the FTSE All Share Index by investing in a concentrated portfolio of companies carefully selected from the full range listed on the London Stock Exchange.

New Investment Objective

The Company aims to provide you with capital growth and investment income in total that is greater than that provided by the FTSE All Share Index by investing in a concentrated portfolio of companies carefully selected from the full range listed on the London Stock Exchange, or its equivalent successor.

Effective date: 30 May 2014

Franklin UK Blue Chip Fund A Inc (BWUKB)

Old Investment Objective

Franklin UK Blue Chip Fund aims to increase the value of its investments by more than the return of the FTSE All Share Index over the medium to long term.

New Investment Objective

The Fund aims to achieve a total return (i.e. a combination of capital growth and income) exceeding that of the FTSE All-Share Index, over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Blue Chip Fund W Acc (BWUKW)

Old Investment Objective

Franklin UK Blue Chip Fund aims to increase the value of its investments by more than the return of the FTSE All Share Index over the medium to long term.

New Investment Objective

The Fund aims to achieve a total return (i.e. a combination of capital growth and income) exceeding that of the FTSE All-Share Index, over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Equity Income Fund A Inc (BWUKE)

Old Investment Objective

Franklin UK Equity Income Fund aims to provide a growing level of income which is higher than that of the FTSE All Share Index, and increase the value of its investments over the medium to long term.

New Investment Objective

The Fund aims to provide a growing level of income which is higher than that of the FTSE All-Share Index, together with capital growth over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Equity Income Fund W Acc (BWUWA)

Old Investment Objective

Franklin UK Equity Income Fund aims to provide a growing level of income which is higher than that of the FTSE All Share Index, and increase the value of its investments over the medium to long term.

New Investment Objective

The Fund aims to provide a growing level of income which is higher than that of the FTSE All-Share Index, together with capital growth over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Equity Income Fund W Inc (BWUWI)

Old Investment Objective

Franklin UK Equity Income Fund aims to provide a growing level of income which is higher than that of the FTSE All Share Index, and increase the value of its investments over the medium to long term.

New Investment Objective

The Fund aims to provide a growing level of income which is higher than that of the FTSE All-Share Index, together with capital growth over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Managers' Focus Fund A Acc (BWMFT)

Old Investment Objective

Franklin UK Managers' Focus Fund aims to increase the value of its investments by more than the return of the FTSE All Share Index over the medium to long term.

New Investment Objective

The Fund aims to achieve a total return (i.e. a combination of capital growth and income) exceeding that of the FTSE All-Share Index, over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Managers' Focus Fund W Acc (BWMFW)

Old Investment Objective

Franklin UK Managers' Focus Fund aims to increase the value of its investments by more than the return of the FTSE All Share Index over the medium to long term.

New Investment Objective

The Fund aims to achieve a total return (i.e. a combination of capital growth and income) exceeding that of the FTSE All-Share Index, over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Mid Cap Fund A Inc (BWUKM)

Old Investment Objective

Franklin UK Mid Cap Fund aims to increase the value of its investments by more than the return of the FTSE 250 ex-Investment Trusts Index (excluding investment companies) over the medium to long term.

New Investment Objective

The Fund aims to achieve capital growth exceeding that of the FTSE 250 Index (excluding investment company stocks) over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Mid Cap Fund W Acc (BWMCA)

Old Investment Objective

Franklin UK Mid Cap Fund aims to increase the value of its investments by more than the return of the FTSE 250 ex-Investment Trusts Index (excluding investment companies) over the medium to long term.

New Investment Objective

The Fund aims to achieve capital growth exceeding that of the FTSE 250 Index (excluding investment company stocks) over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Mid Cap Fund W Inc (BWMCI)

Old Investment Objective

Franklin UK Mid Cap Fund aims to increase the value of its investments by more than the return of the FTSE 250 ex-Investment Trusts Index (excluding investment companies) over the medium to long term.

New Investment Objective

The Fund aims to achieve capital growth exceeding that of the FTSE 250 Index (excluding investment company stocks) over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Opportunities Fund A Inc (BWAGT)

Old Investment Objective

Franklin UK Opportunities Fund aims to increase the value of its investments by more than the return of the FTSE All Share Index over the medium to long term.

New Investment Objective

The Fund aims to achieve a total return (i.e. a combination of capital growth and income) exceeding that of the FTSE All-Share Index, over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin UK Opportunities Fund W Acc (BWAGW)

Old Investment Objective

Franklin UK Opportunities Fund aims to increase the value of its investments by more than the return of the FTSE All Share Index over the medium to long term.

New Investment Objective

The Fund aims to achieve a total return (i.e. a combination of capital growth and income) exceeding that of the FTSE All-Share Index, over the medium to long term (meaning 3-5 years). Capital in the Fund is at risk and there is no guarantee that the objective will be achieved over that, or any, time period.

Franklin Strategic Bond Fund A Acc (TTSBA)

Old Investment Objective

Templeton Strategic Bond Fund aims to deliver regular income and to increase the value of its investments over the medium to long term.

New Investment Objective

The Fund aims to deliver a regular income with the potential of capital growth over the medium to long term through investment in fixed income securities.

Franklin Strategic Bond Fund A Inc (TTSBI)

Old Investment Objective

Templeton Strategic Bond Fund aims to deliver regular income and to increase the value of its investments over the medium to long term.

New Investment Objective

The Fund aims to deliver a regular income with the potential of capital growth over the medium to long term through investment in fixed income securities.

Franklin Strategic Bond Fund W Inc (TTSBW)

Old Investment Objective

Templeton Strategic Bond Fund aims to deliver regular income and to increase the value of its investments over the medium to long term.

New Investment Objective

The Fund aims to deliver a regular income with the potential of capital growth over the medium to long term through investment in fixed income securities.

Effective date: 16 May 2014

City Financial UK Equity Fund B Acc (CTUEA)

Old Investment Objective

City Financial UK Equity Fund aims to achieve a positive absolute return for investors through investment in UK equities. The Sub-Fund is managed against a cash Benchmark rather than any UK equity index, reflecting the aim to deliver a positive return in all stock market conditions. The Manager seeks to invest in company shares that, after analysis, are deemed to be mispriced by the stock market. This creates opportunities to buy (long) underpriced stocks and to sell (short) overpriced stocks. The Manager looks for a catalyst that will see the mispricing being corrected. The Manager also aims to ascertain over what time-period the correction will take place. This will result in positions being held for various time horizons. The Manager believes that this higher turnover allows for better risk adjusted returns for the Sub-Fund.

New Investment Objective

The City Financial Absolute Equity Fund is a fundamental equity long short strategy which aims to achieve a positive absolute return for investors over rolling twelve month periods primarily through investment in UK and global equities. The Sub-Fund is managed against a cash Benchmark, reflecting the aim to deliver a positive return in all stock market conditions. There is no actual guarantee that these returns will be achieved over the specified, or any, time period and capital is not guaranteed. The Manager seeks to invest in company shares that, after analysis, are deemed to be mispriced by the stock market. This creates opportunities to buy (long) underpriced stocks and to sell (short) overpriced stocks. The Manager looks for a catalyst that will see the mispricing being corrected.

City Financial UK Equity Fund B Inc (CTUEI)

Old Investment Objective

City Financial UK Equity Fund aims to achieve a positive absolute return for investors through investment in UK equities. The Sub-Fund is managed against a cash Benchmark rather than any UK equity index, reflecting the aim to deliver a positive return in all stock market conditions. The Manager seeks to invest in company shares that, after analysis, are deemed to be mispriced by the stock market. This creates opportunities to buy (long) underpriced stocks and to sell (short) overpriced stocks. The Manager looks for a catalyst that will see the mispricing being corrected. The Manager also aims to ascertain over what time-period the correction will take place. This will result in positions being held for various time horizons. The Manager believes that this higher turnover allows for better risk adjusted returns for the Sub-Fund.

New Investment Objective

The City Financial Absolute Equity Fund is a fundamental equity long short strategy which aims to achieve a positive absolute return for investors over rolling twelve month periods primarily through investment in UK and global equities. The Sub-Fund is managed against a cash Benchmark, reflecting the aim to deliver a positive return in all stock market conditions. There is no actual guarantee that these returns will be achieved over the specified, or any, time period and capital is not guaranteed. The Manager seeks to invest in company shares that, after analysis, are deemed to be mispriced by the stock market. This creates opportunities to buy (long) underpriced stocks and to sell (short) overpriced stocks. The Manager looks for a catalyst that will see the mispricing being corrected.

City Financial UK Equity A Acc (OCARA)

Old Investment Objective

City Financial UK Equity Fund aims to achieve a positive absolute return for investors through investment in UK equities. The Sub-Fund is managed against a cash Benchmark rather than any UK equity index, reflecting the aim to deliver a positive return in all stock market conditions. The Manager seeks to invest in company shares that, after analysis, are deemed to be mispriced by the stock market. This creates opportunities to buy (long) underpriced stocks and to sell (short) overpriced stocks. The Manager looks for a catalyst that will see the mispricing being corrected. The Manager also aims to ascertain over what time-period the correction will take place. This will result in positions being held for various time horizons. The Manager believes that this higher turnover allows for better risk adjusted returns for the Sub-Fund.

New Investment Objective

The City Financial Absolute Equity Fund is a fundamental equity long short strategy which aims to achieve a positive absolute return for investors over rolling twelve month periods primarily through investment in UK and global equities. The Sub-Fund is managed against a cash Benchmark, reflecting the aim to deliver a positive return in all stock market conditions. There is no actual guarantee that these returns will be achieved over the specified, or any, time period and capital is not guaranteed. The Manager seeks to invest in company shares that, after analysis, are deemed to be mispriced by the stock market. This creates opportunities to buy (long) underpriced stocks and to sell (short) overpriced stocks. The Manager looks for a catalyst that will see the mispricing being corrected.

City Financial UK Equity A Inc (OCARI)

Old Investment Objective

City Financial UK Equity Fund aims to achieve a positive absolute return for investors through investment in UK equities. The Sub-Fund is managed against a cash Benchmark rather than any UK equity index, reflecting the aim to deliver a positive return in all stock market conditions. The Manager seeks to invest in company shares that, after analysis, are deemed to be mispriced by the stock market. This creates opportunities to buy (long) underpriced stocks and to sell (short) overpriced stocks. The Manager looks for a catalyst that will see the mispricing being corrected. The Manager also aims to ascertain over what time-period the correction will take place. This will result in positions being held for various time horizons. The Manager believes that this higher turnover allows for better risk adjusted returns for the Sub-Fund.

New Investment Objective

The City Financial Absolute Equity Fund is a fundamental equity long short strategy which aims to achieve a positive absolute return for investors over rolling twelve month periods primarily through investment in UK and global equities. The Sub-Fund is managed against a cash Benchmark, reflecting the aim to deliver a positive return in all stock market conditions. There is no actual guarantee that these returns will be achieved over the specified, or any, time period and capital is not guaranteed. The Manager seeks to invest in company shares that, after analysis, are deemed to be mispriced by the stock market. This creates opportunities to buy (long) underpriced stocks and to sell (short) overpriced stocks. The Manager looks for a catalyst that will see the mispricing being corrected.

CFIC Octopus UK Mic Cap Growth A Acc (OCUCA)

Old Investment Objective

The investment objective of the CFIC Octopus UK Micro Cap Growth Fund is to achieve capital growth by focusing on areas of the UK market where the investment manager identifies capital growth opportunities. The Sub-Fund will invest predominantly in small cap equities (including through collective investment schemes). It is expected that opportunities will be focused on smaller companies with a full market listing, AIM listing or listed on PLUS Markets. The Investment Manager may utilise other asset classes as permitted by this prospectus and has the flexibility to hold derivatives in order to provide a positive return in all market conditions. The Sub-Fund will not invest directly in gold or real property. It is not intended that the Sub-Fund will have an interest in any immovable property or tangible movable property. The ACD shall ensure that, taking into account the investment objective and policy of the Sub-Fund, the property of the Sub-Fund aims to provide a prudent spread of risk. From time to time and in particular during periods of uncertain or volatile markets, the Investment Manager may choose to hold a substantial proportion of the Sub-Fund property in money market instruments and/or cash deposits.

New Investment Objective

The investment objective of the CFIC Octopus UK Micro Cap Growth Fund is to achieve capital growth by focusing on areas of the UK market where the investment manager identifies capital growth opportunities. The Sub-Fund will invest predominantly in small cap equities (including through collective investment schemes). It is expected that opportunities will be focused on smaller companies with a full market listing, AIM listing or listed on PLUS Markets. The Investment Manager may utilise other asset classes as permitted by this prospectus and has the flexibility to hold derivatives in order to provide a positive return in all market conditions for the purposes of efficient portfolio management only. The ACD shall ensure that, taking into account the investment objective and policy of the Sub-Fund, the property of the Sub-Fund aims to provide a prudent spread of risk. From time to time and in particular during periods of uncertain or volatile markets, the Investment Manager may choose to hold a .substantial proportion of the Sub-Fund property in money market instruments and/or cash deposits.

CFIC Octopus UK Micro Cap Growth P Acc (OCUMA)

Old Investment Objective

The investment objective of the CFIC Octopus UK Micro Cap Growth Fund is to achieve capital growth by focusing on areas of the UK market where the investment manager identifies capital growth opportunities. The Sub-Fund will invest predominantly in small cap equities (including through collective investment schemes). It is expected that opportunities will be focused on smaller companies with a full market listing, AIM listing or listed on PLUS Markets. The Investment Manager may utilise other asset classes as permitted by this prospectus and has the flexibility to hold derivatives in order to provide a positive return in all market conditions. The Sub-Fund will not invest directly in gold or real property. It is not intended that the Sub-Fund will have an interest in any immovable property or tangible movable property. The ACD shall ensure that, taking into account the investment objective and policy of the Sub-Fund, the property of the Sub-Fund aims to provide a prudent spread of risk. From time to time and in particular during periods of uncertain or volatile markets, the Investment Manager may choose to hold a substantial proportion of the Sub-Fund property in money market instruments and/or cash deposits.

New Investment Objective

The investment objective of the CFIC Octopus UK Micro Cap Growth Fund is to achieve capital growth by focusing on areas of the UK market where the investment manager identifies capital growth opportunities. The Sub-Fund will invest predominantly in small cap equities (including through collective investment schemes). It is expected that opportunities will be focused on smaller companies with a full market listing, AIM listing or listed on PLUS Markets. The Investment Manager may utilise other asset classes as permitted by this prospectus and has the flexibility to hold derivatives in order to provide a positive return in all market conditions for the purposes of efficient portfolio management only. The ACD shall ensure that, taking into account the investment objective and policy of the Sub-Fund, the property of the Sub-Fund aims to provide a prudent spread of risk. From time to time and in particular during periods of uncertain or volatile markets, the Investment Manager may choose to hold a .substantial proportion of the Sub-Fund property in money market instruments and/or cash deposits.

Effective date: 30 April 2014

Pictet Environmental Megatrend I GBP In (PIEMI)

Old Investment Objective

The sub-fund seeks capital growth by investing at least two-thirds of its total assets in corporate shares in accordance with the investments of Pictet open-ended environmental theme funds. Each theme is subject to strategically fixed weights and rebalanced each month. The investment universe is not restricted to a specific geographical zone.

New Investment Objective

The compartment applies a capital growth strategy, by investing principally in equities, or in any other transferable security linked to or similar to equities (including structured products), issued by companies throughout the world (including emerging countries).

Pictet Environmental Megatrend Sel P In (PTEMS)

Old Investment Objective

The Compartment seeks capital growth by mainly investing its assets in shares and any other equity-related securities issued by companies reflecting investments in Pictet's range of environmental megatrend-based thematic investments, including Agriculture, Clean Energy, Timber and Water.

New Investment Objective

The compartment applies a capital growth strategy, by investing principally in equities, or in any other transferable security linked to or similar to equities (including structured products), issued by companies throughout the world (including emerging countries).

Effective date: 7 April 2014

Investec Cautious Managed I Acc Net GBP (ICCIA)

Old Investment Objective

The Fund aims to provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. At all times the Fund’s equity exposure will be limited to a maximum of 60% of the portfolio value. Where reference is made to investment in ‘high quality’ bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade. Furthermore up to 5% in value of the property of this Fund may be invested in units or shares in other collective investment schemes. The Fund may also invest, at the ACD’s discretion, in other transferable securities. In addition, cash may be held for the purposes set out in the COLL Sourcebook, including efficient management of the Fund, and exchange traded and over the counter derivatives and forward currency contracts may be used for the Efficient Portfolio Management of the Fund. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook. On giving 60 days’ notice to Shareholders, the Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes.

New Investment Objective

Where reference is made to investment in ‘high quality’ bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade. Furthermore up to 5% in value of the property of this Fund may be invested in units or shares in other collective investment schemes. The Fund may also invest, at the ACD’s discretion, in other transferable securities. The Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

Investec Cautious Managed I Inc Net GBP (ICCII)

Old Investment Objective

The Fund aims to provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. At all times the Fund’s equity exposure will be limited to a maximum of 60% of the portfolio value. Where reference is made to investment in ‘high quality’ bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade. Furthermore up to 5% in value of the property of this Fund may be invested in units or shares in other collective investment schemes. The Fund may also invest, at the ACD’s discretion, in other transferable securities. In addition, cash may be held for the purposes set out in the COLL Sourcebook, including efficient management of the Fund, and exchange traded and over the counter derivatives and forward currency contracts may be used for the Efficient Portfolio Management of the Fund. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook. On giving 60 days’ notice to Shareholders, the Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes.

New Investment Objective

Where reference is made to investment in ‘high quality’ bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade. Furthermore up to 5% in value of the property of this Fund may be invested in units or shares in other collective investment schemes. The Fund may also invest, at the ACD’s discretion, in other transferable securities. The Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

Investec Cautious Managed A Acc Net GBP (ICCMA)

Old Investment Objective

The Fund aims to provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. At all times the Fund’s equity exposure will be limited to a maximum of 60% of the portfolio value. Where reference is made to investment in ‘high quality’ bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade. Furthermore up to 5% in value of the property of this Fund may be invested in units or shares in other collective investment schemes. The Fund may also invest, at the ACD’s discretion, in other transferable securities. In addition, cash may be held for the purposes set out in the COLL Sourcebook, including efficient management of the Fund, and exchange traded and over the counter derivatives and forward currency contracts may be used for the Efficient Portfolio Management of the Fund. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook. On giving 60 days’ notice to Shareholders, the Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes.

New Investment Objective

Where reference is made to investment in ‘high quality’ bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade. Furthermore up to 5% in value of the property of this Fund may be invested in units or shares in other collective investment schemes. The Fund may also invest, at the ACD’s discretion, in other transferable securities. The Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

Investec Cautious Managed A Inc Net GBP (ICCMI)

Old Investment Objective

The Fund aims to provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. At all times the Fund’s equity exposure will be limited to a maximum of 60% of the portfolio value. Where reference is made to investment in ‘high quality’ bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade. Furthermore up to 5% in value of the property of this Fund may be invested in units or shares in other collective investment schemes. The Fund may also invest, at the ACD’s discretion, in other transferable securities. In addition, cash may be held for the purposes set out in the COLL Sourcebook, including efficient management of the Fund, and exchange traded and over the counter derivatives and forward currency contracts may be used for the Efficient Portfolio Management of the Fund. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook. On giving 60 days’ notice to Shareholders, the Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes.

New Investment Objective

Where reference is made to investment in ‘high quality’ bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade. Furthermore up to 5% in value of the property of this Fund may be invested in units or shares in other collective investment schemes. The Fund may also invest, at the ACD’s discretion, in other transferable securities. The Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

Effective date: 19 March 2014

Schroder UK Equity Z Acc (SCEAZ)

Old Investment Objective

The Fund's investment objective is to achieve capital growth through investment in UK equities. However, attention will be paid to maintaining a steady growth in income distribution. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments

New Investment Objective

The Fund's investment objective is to achieve capital growth and income through investment in UK equities. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

Schroder UK Equity Acc (SCEQA)

Old Investment Objective

The Fund's investment objective is to achieve capital growth through investment in UK equities. However, attention will be paid to maintaining a steady growth in income distribution. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments

New Investment Objective

The Fund's investment objective is to achieve capital growth and income through investment in UK equities. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

Schroder UK Equity Inc (SCEQI)

Old Investment Objective

The Fund's investment objective is to achieve capital growth through investment in UK equities. However, attention will be paid to maintaining a steady growth in income distribution. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments

New Investment Objective

The Fund's investment objective is to achieve capital growth and income through investment in UK equities. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

Schroder UK Equity Fund Z Income (SZUEI)

Old Investment Objective

The Fund's investment objective is to achieve capital growth through investment in UK equities. However, attention will be paid to maintaining a steady growth in income distribution. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments

New Investment Objective

The Fund's investment objective is to achieve capital growth and income through investment in UK equities. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, warrants and money market instruments.

Effective date: 26 February 2014

CF 7IM Income C Acc (SMICA)

Old Investment Objective

The fund aims to provide an above average level of income while protecting capital over the longer term. The fund may use different asset classes, with the emphasis on fixed interest. The fund invests in government and corporate debt securities, collective investment schemes and shares of companies from around the world. Essential features of the fund: The fund has the discretion to invest in a range of investments as described above. The fund's performance id measured against the IMA Mixed Investment 0-35% Shares Sector. The fund has no specific target market, asset class or geographic sector. You can buy and sell shares in the fund on each business day. The fund aims to distribute available income every three months. Derivatives are used to reduce the risk by hedging against currency movements in the values of investments held in the fund. Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years.

New Investment Objective

CF 7IM AAP (Asset Allocated Passives) Accumulation Fund aims to provide an above average level of income, while seeking to maintain capital over the longer term. There may be some risk to capital. The Sub-fund invests in a range of securities and collective investment vehicles using predominantly passive strategies (that is, strategies designed to track the performance of particular indices, market sectors or asset classes). Such investments may be made indirectly through holdings in investment trusts, exchange traded funds or other intermediary vehicles with the objective of improving returns and controlling risk by increasing diversification within the portfolio. The asset allocation for the entire portfolio will be actively managed. While income-generating assets are likely to represent a significant part of the portfolio, the portfolio may also include assets with scope for capital growth in real terms. The Sub-fund may use different asset classes, with the emphasis on fixed interest. A significant proportion of the Sub-fund may be maintained in or hedged back to Sterling at any time. Forward foreign exchange transactions may be used to hedge currency risk. Investment may also be made in warrants, deposits, cash and near cash, money market instruments, other transferable securities, derivatives and forward transactions and other investments to the extent that each is permitted in the stated investment and borrowing powers of the company. The sub-fund may rely on third party advice on quantitative investment techniques or use third party quantitative investment software in the portfolio's construction.

CF 7IM Income C Inc (SMICI)

Old Investment Objective

The fund aims to provide an above average level of income while protecting capital over the longer term. The fund may use different asset classes, with the emphasis on fixed interest. The fund invests in government and corporate debt securities, collective investment schemes and shares of companies from around the world. Essential features of the fund: The fund has the discretion to invest in a range of investments as described above. The fund's performance id measured against the IMA Mixed Investment 0-35% Shares Sector. The fund has no specific target market, asset class or geographic sector. You can buy and sell shares in the fund on each business day. The fund aims to distribute available income every three months. Derivatives are used to reduce the risk by hedging against currency movements in the values of investments held in the fund. Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years.

New Investment Objective

CF 7IM AAP (Asset Allocated Passives) Income Fund aims to provide an above average level of income, while seeking to maintain capital over the longer term. There may be some risk to capital. The Sub-fund invests in a range of securities and collective investment vehicles using predominantly passive strategies (that is, strategies designed to track the performance of particular indices, market sectors or asset classes). Such investments may be made indirectly through holdings in investment trusts, exchange traded funds or other intermediary vehicles with the objective of improving returns and controlling risk by increasing diversification within the portfolio. The asset allocation for the entire portfolio will be actively managed. While income-generating assets are likely to represent a significant part of the portfolio, the portfolio may also include assets with scope for capital growth in real terms. The Sub-fund may use different asset classes, with the emphasis on fixed interest. A significant proportion of the Sub-fund may be maintained in or hedged back to Sterling at any time. Forward foreign exchange transactions may be used to hedge currency risk. Investment may also be made in warrants, deposits, cash and near cash, money market instruments, other transferable securities, derivatives and forward transactions and other investments to the extent that each is permitted in the stated investment and borrowing powers of the company. The sub-fund may rely on third party advice on quantitative investment techniques or use third party quantitative investment software in the portfolio's construction.

CF 7IM Income D Acc (SNINA)

Old Investment Objective

The fund aims to provide an above average level of income while protecting capital over the longer term. The fund may use different asset classes, with the emphasis on fixed interest. The fund invests in government and corporate debt securities, collective investment schemes and shares of companies from around the world. Essential features of the fund: The fund has the discretion to invest in a range of investments as described above. The fund's performance id measured against the IMA Mixed Investment 0-35% Shares Sector. The fund has no specific target market, asset class or geographic sector. You can buy and sell shares in the fund on each business day. The fund aims to distribute available income every three months. Derivatives are used to reduce the risk by hedging against currency movements in the values of investments held in the fund. Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years.

New Investment Objective

CF 7IM AAP (Asset Allocated Passives) Accumulation Fund aims to provide an above average level of income, while seeking to maintain capital over the longer term. There may be some risk to capital. The Sub-fund invests in a range of securities and collective investment vehicles using predominantly passive strategies (that is, strategies designed to track the performance of particular indices, market sectors or asset classes). Such investments may be made indirectly through holdings in investment trusts, exchange traded funds or other intermediary vehicles with the objective of improving returns and controlling risk by increasing diversification within the portfolio. The asset allocation for the entire portfolio will be actively managed. While income-generating assets are likely to represent a significant part of the portfolio, the portfolio may also include assets with scope for capital growth in real terms. The Sub-fund may use different asset classes, with the emphasis on fixed interest. A significant proportion of the Sub-fund may be maintained in or hedged back to Sterling at any time. Forward foreign exchange transactions may be used to hedge currency risk. Investment may also be made in warrants, deposits, cash and near cash, money market instruments, other transferable securities, derivatives and forward transactions and other investments to the extent that each is permitted in the stated investment and borrowing powers of the company. The sub-fund may rely on third party advice on quantitative investment techniques or use third party quantitative investment software in the portfolio's construction.

CF 7IM Income D Inc (SNINI)

Old Investment Objective

The fund aims to provide an above average level of income while protecting capital over the longer term. The fund may use different asset classes, with the emphasis on fixed interest. The fund invests in government and corporate debt securities, collective investment schemes and shares of companies from around the world. Essential features of the fund: The fund has the discretion to invest in a range of investments as described above. The fund's performance id measured against the IMA Mixed Investment 0-35% Shares Sector. The fund has no specific target market, asset class or geographic sector. You can buy and sell shares in the fund on each business day. The fund aims to distribute available income every three months. Derivatives are used to reduce the risk by hedging against currency movements in the values of investments held in the fund. Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years.

New Investment Objective

CF 7IM AAP (Asset Allocated Passives) Income Fund aims to provide an above average level of income, while seeking to maintain capital over the longer term. There may be some risk to capital. The Sub-fund invests in a range of securities and collective investment vehicles using predominantly passive strategies (that is, strategies designed to track the performance of particular indices, market sectors or asset classes). Such investments may be made indirectly through holdings in investment trusts, exchange traded funds or other intermediary vehicles with the objective of improving returns and controlling risk by increasing diversification within the portfolio. The asset allocation for the entire portfolio will be actively managed. While income-generating assets are likely to represent a significant part of the portfolio, the portfolio may also include assets with scope for capital growth in real terms. The Sub-fund may use different asset classes, with the emphasis on fixed interest. A significant proportion of the Sub-fund may be maintained in or hedged back to Sterling at any time. Forward foreign exchange transactions may be used to hedge currency risk. Investment may also be made in warrants, deposits, cash and near cash, money market instruments, other transferable securities, derivatives and forward transactions and other investments to the extent that each is permitted in the stated investment and borrowing powers of the company. The sub-fund may rely on third party advice on quantitative investment techniques or use third party quantitative investment software in the portfolio's construction.

Effective date: 18 February 2014

SWIP MultiManager Glbal Real Est Sec Ac (SIREA)

Old Investment Objective

The Fund's aim is to provide a total return by investing at least two-thirds of the Fund's total assets in transferable securities of listed companies and other vehicles, including Real Estate Investment Trusts (REITs), and collective investment schemes, each of whose main activities include the ownership, management and/or development of real estate around the world. The Fund may also invest the remaining portion of its assets in other equities, in new issues for which application for listing on a stock exchange will be sought, in other transferable securities and in convertibles, warrants, cash, near cash, money market instruments, deposits and in other collective investment schemes. The assets of the Fund will at all times be managed by at least three managers.

New Investment Objective

The Fund's aim is to provide a combination of income and growth of capital by investing at least two-thirds of the Fund's total assets in transferable securities of listed companies and other vehicles, including Real Estate Investment Trusts (REITs), and collective investment schemes, each of whose main activities include the ownership, management and/or development of real estate around the world. The Fund may also invest the remaining portion of its assets in other equities, in new issues for which application for listing on a stock exchange will be sought, in other transferable securities and in convertibles, warrants, cash, near cash, money market instruments, deposits and in other collective investment schemes. The assets of the Fund will at all times be managed by at least three managers.

SWIP MultiManager Glbal Real Est Sec In (SIREI)

Old Investment Objective

The Fund's aim is to provide a total return by investing at least two-thirds of the Fund's total assets in transferable securities of listed companies and other vehicles, including Real Estate Investment Trusts (REITs), and collective investment schemes, each of whose main activities include the ownership, management and/or development of real estate around the world. The Fund may also invest the remaining portion of its assets in other equities, in new issues for which application for listing on a stock exchange will be sought, in other transferable securities and in convertibles, warrants, cash, near cash, money market instruments, deposits and in other collective investment schemes. The assets of the Fund will at all times be managed by at least three managers.

New Investment Objective

The Fund's aim is to provide a combination of income and growth of capital by investing at least two-thirds of the Fund's total assets in transferable securities of listed companies and other vehicles, including Real Estate Investment Trusts (REITs), and collective investment schemes, each of whose main activities include the ownership, management and/or development of real estate around the world. The Fund may also invest the remaining portion of its assets in other equities, in new issues for which application for listing on a stock exchange will be sought, in other transferable securities and in convertibles, warrants, cash, near cash, money market instruments, deposits and in other collective investment schemes. The assets of the Fund will at all times be managed by at least three managers.

Effective date: 13 February 2014

BNY Mellon American Fund Acc (BNYAA)

Old Investment Objective

Long-term capital growth by investing in shares (i.e. equities) and similar investments of companies listed or located in the US and Canada.

New Investment Objective

To achieve capital growth from a portfolio of predominantly US securities.

BNY Mellon American Fund Inc (BNYAI)

Old Investment Objective

Long-term capital growth by investing in shares (i.e. equities) and similar investments of companies listed or located in the US and Canada.

New Investment Objective

To achieve capital growth from a portfolio of predominantly US securities.

BNY Mellon American (NWAMR)

Old Investment Objective

Long-term capital growth by investing in shares (i.e. equities) and similar investments of companies listed or located in the US and Canada.

New Investment Objective

Long-term capital growth by investing in shares (i.e. equities) and similar investments of companies listed or located in the US.

Effective date: 10 February 2014

Investec Diversified Growth Fund Inc (ICBMI)

Old Investment Objective

The Fund aims to provide long term real returns measured in Sterling through a combination of income and capital growth by investing primarily in a globally diversified portfolio of assets. The Fund may take investment exposure to global equities, fixed interest instruments, cash and near cash (which includes money market instruments and deposits in any currency), commodities, property and alternative assets (such as hedge funds and private equity funds). Any such exposures could be gained by direct investment or through funds, though no direct investments in property or commodities will be made and investment in alternative assets will be restricted to UCITS funds and transferable securities.

New Investment Objective

The Fund aims to provide long term real returns measured in Sterling through a combination of income and capital growth by investing primarily in a globally diversified portfolio of assets. While the Fund aims to achieve real returns there is no guarantee that such returns will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

Investec Global Bond I Acc Net (ICBNA)

Old Investment Objective

The Fund aims to provide an income and grow the value of your investment over the long term.

New Investment Objective

The Fund aims to achieve income and capital growth over the long term primarily through investment around the globe in highly rated corporate bonds, government and sovereign bonds and public bonds (such as bonds issued by local state and municipal authorities) which are listed or traded on Recognised Exchanges and in derivatives the underlying assets of which are highly rated corporate bonds, government and sovereign bonds and public bonds (such as bonds issued by local state and municipal authorities).

Investec Global Bond I Inc Net (ICBNI)

Old Investment Objective

The Fund aims to provide an income and grow the value of your investment over the long term.

New Investment Objective

The Fund aims to achieve income and capital growth over the long term primarily through investment around the globe in highly rated corporate bonds, government and sovereign bonds and public bonds (such as bonds issued by local state and municipal authorities) which are listed or traded on Recognised Exchanges and in derivatives the underlying assets of which are highly rated corporate bonds, government and sovereign bonds and public bonds (such as bonds issued by local state and municipal authorities).

Investec Diversified Growth I Acc (ICDIA)

Old Investment Objective

The Fund aims to provide long term real returns measured in Sterling through a combination of income and capital growth by investing primarily in a globally diversified portfolio of assets. The Fund may take investment exposure to global equities, fixed interest instruments, cash and near cash (which includes money market instruments and deposits in any currency), commodities, property and alternative assets (such as hedge funds and private equity funds). Any such exposures could be gained by direct investment or through funds, though no direct investments in property or commodities will be made and investment in alternative assets will be restricted to UCITS funds and transferable securities. The proportion of the Fund allocated to each asset class will be actively managed. Equity exposure will be limited to a maximum of 85% of the Fund value. Fixed interest instruments held may be corporate or Government and of any duration and may be investment grade or sub investment grade. In additions, the Fund may use derivatives and forward transactions for Efficient Portfolio Management and investment purposes. Up to 100% in value of the property of this Fund may be invested in units or shares of other collective investment schemes. The Fund may also invest, at the ACD's discretion, in other transferable securities. Real returns are returns in excess of UK inflation, (currently measured by the increase in the UK Consumer Price Index (CPI)), which the Fund aims to deliver over the long term and not necessarily every year.

New Investment Objective

The Fund aims to provide long term real returns measured in Sterling through a combination of income and capital growth by investing primarily in a globally diversified portfolio of assets. While the Fund aims to achieve real returns there is no guarantee that such returns will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

Investec Diversified Growth I Inc (ICDII)

Old Investment Objective

The Fund aims to provide long term real returns measured in Sterling through a combination of income and capital growth by investing primarily in a globally diversified portfolio of assets. The Fund may take investment exposure to global equities, fixed interest instruments, cash and near cash (which includes money market instruments and deposits in any currency), commodities, property and alternative assets (such as hedge funds and private equity funds). Any such exposures could be gained by direct investment or through funds, though no direct investments in property or commodities will be made and investment in alternative assets will be restricted to UCITS funds and transferable securities. The proportion of the Fund allocated to each asset class will be actively managed. Equity exposure will be limited to a maximum of 85% of the Fund value. Fixed interest instruments held may be corporate or Government and of any duration and may be investment grade or sub investment grade. In additions, the Fund may use derivatives and forward transactions for Efficient Portfolio Management and investment purposes. Up to 100% in value of the property of this Fund may be invested in units or shares of other collective investment schemes. The Fund may also invest, at the ACD's discretion, in other transferable securities. Real returns are returns in excess of UK inflation, (currently measured by the increase in the UK Consumer Price Index (CPI)), which the Fund aims to deliver over the long term and not necessarily every year.

New Investment Objective

The Fund aims to provide long term real returns measured in Sterling through a combination of income and capital growth by investing primarily in a globally diversified portfolio of assets. While the Fund aims to achieve real returns there is no guarantee that such returns will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

Investec Global Bond Fund (ICGLB)

Old Investment Objective

The Fund aims to achieve long term total return primarily through investment around the globe in highly rated corporate bonds, government and sovereign bonds and public bonds (such as bonds issued by local state and municipal authorities) which are listed or traded on Recognised Exchanges and in derivatives the underlying assets of which are highly rated corporate bonds, government and sovereign bonds and public bonds (such as bonds issued by local state and municipal authorities).

New Investment Objective

The Fund aims to achieve income and capital growth over the long term primarily through investment around the globe in highly rated corporate bonds, government and sovereign bonds and public bonds (such as bonds issued by local state and municipal authorities) which are listed or traded on Recognised Exchanges and in derivatives the underlying assets of which are highly rated corporate bonds, government and sovereign bonds and public bonds (such as bonds issued by local state and municipal authorities).

Investec Global Special Situations Acc (ICGSA)

Old Investment Objective

The Fund aims to provide long term total returns primarily through investment in the shares of companies around the world. Investments will largely be determined by the application of a contrarian investment process and will be in a selection of companies which will not be restricted either by size, industry, or geographical location.

New Investment Objective

The Fund aims to provide income and capital growth over the long term primarily through investment in the shares of companies around the world.

Investec Global Special Situations I Acc (ICSSA)

Old Investment Objective

The Fund aims to provide long term total returns primarily through investment in the shares of companies around the world. Investments will largely be determined by the application of a contrarian investment process and will be in a selection of companies which will not be restricted either by size, industry, or geographical location.

New Investment Objective

The Fund aims to provide income and capital growth over the long term primarily through investment in the shares of companies around the world.

Investec Global Special Situations I Inc (ICSSI)

Old Investment Objective

The Fund aims to provide long term total returns primarily through investment in the shares of companies around the world. Investments will largely be determined by the application of a contrarian investment process and will be in a selection of companies which will not be restricted either by size, industry, or geographical location.

New Investment Objective

The Fund aims to provide income and capital growth over the long term primarily through investment in the shares of companies around the world.

Investec Target Return I Acc (ICTRA)

Old Investment Objective

The Fund aims to produce a positive return over the long term regardless of market conditions by investing primarily in interest bearing assets and related derivatives. The Fund will seek to achieve its objectives by holding a diversified portfolio of interest bearing securities and/or related assets. The securities may be denominated in any currency and could include bills, notes and bonds issued by governments, government agencies, supranational institutions and corporations. The related assets could be deposits or forward currency contracts, or alternatively, interest rate, currency or credit derivatives. Forward currency contracts and derivatives may be held either with the purpose of reducing risk or of seeking to enhance prospective returns. The Fund will not invest in equities or equity-related derivatives. The returns, if any, which the Fund aims to produce could be in the form of capital or income or a mixture of the two and are targeted to exceed the rate of interest as represented by the current benchmark for each share class. The Fund may also invest, at the ACD?s discretion, in other transferable securities, money market instruments, cash and near cash, other derivatives and forward transactions, deposits and units in collective investment schemes (use may also be made of stock lending, borrowing, cash holdings, hedging and other investment techniques permitted in the COLL Sourcebook).

New Investment Objective

The Fund aims to produce a positive return over the long term regardless of market conditions by investing primarily in interest bearing assets and related derivatives. While the Fund aims to achieve a positive return there is no guarantee it will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

Investec Target Return I Inc (ICTRI)

Old Investment Objective

The Fund aims to produce a positive return over the long term regardless of market conditions by investing primarily in interest bearing assets and related derivatives. The Fund will seek to achieve its objectives by holding a diversified portfolio of interest bearing securities and/or related assets. The securities may be denominated in any currency and could include bills, notes and bonds issued by governments, government agencies, supranational institutions and corporations. The related assets could be deposits or forward currency contracts, or alternatively, interest rate, currency or credit derivatives. Forward currency contracts and derivatives may be held either with the purpose of reducing risk or of seeking to enhance prospective returns. The Fund will not invest in equities or equity-related derivatives. The returns, if any, which the Fund aims to produce could be in the form of capital or income or a mixture of the two and are targeted to exceed the rate of interest as represented by the current benchmark for each share class. The Fund may also invest, at the ACD?s discretion, in other transferable securities, money market instruments, cash and near cash, other derivatives and forward transactions, deposits and units in collective investment schemes (use may also be made of stock lending, borrowing, cash holdings, hedging and other investment techniques permitted in the COLL Sourcebook).

New Investment Objective

The Fund aims to produce a positive return over the long term regardless of market conditions by investing primarily in interest bearing assets and related derivatives. While the Fund aims to achieve a positive return there is no guarantee it will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

Investec Target Return (GBP) A Fund (ICTRN)

Old Investment Objective

The Fund aims to produce a positive return over the long term regardless of market conditions by investing primarily in interest bearing assets and related derivatives. The Fund will seek to achieve its objectives by holding a diversified portfolio of interest bearing securities and/or related assets. The securities may be denominated in any currency and could include bills, notes and bonds issued by governments, government agencies, supranational institutions and corporations. The related assets could be deposits or forward currency contracts, or alternatively, interest rate, currency or credit derivatives. Forward currency contracts and derivatives may be held either with the purpose of reducing risk or of seeking to enhance prospective returns. The Fund will not invest in equities or equity-related derivatives. The returns, if any, which the Fund aims to produce could be in the form of capital or income or a mixture of the two and are targeted to exceed the rate of interest as represented by the current benchmark for each share class. The Fund may also invest, at the ACD?s discretion, in other transferable securities, money market instruments, cash and near cash, other derivatives and forward transactions, deposits and units in collective investment schemes (use may also be made of stock lending, borrowing, cash holdings, hedging and other investment techniques permitted in the COLL Sourcebook).

New Investment Objective

The Fund aims to produce a positive return over the long term regardless of market conditions by investing primarily in interest bearing assets and related derivatives. While the Fund aims to achieve a positive return there is no guarantee it will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

SWIP Property Trust Fund Acc (SIPTA)

Old Investment Objective

The Trust aims to provide investors with a total return consistent with a balanced commercial property portfolio. The Trust will generally invest directly in UK commercial property. The Trust may also invest directly or indirectly in any UK property, US and continental European commercial property. The Manager may, at its discretion, also invest directly or indirectly in other asset classes (unrestricted by geographical location), as set out below. Indirect exposure to property may be obtained through any or all of the following property related assets: transferable securities (including closed ended funds and /or warrants), collective investment schemes (including unregulated schemes) and derivatives (including futures, options, swaps, forward contracts and other derivatives) and other vehicles which invest in such assets (including, but not limited to, companies, trusts and partnerships). The Trust may also invest in the following assets: money market instruments, cash, near cash, deposits, derivatives, other collective investment schemes (including unregulated schemes), and government securities (including but not limited to UK government bonds, other sterling denominated government bonds, overseas bonds, and supranational bonds).

New Investment Objective

The Trust aims to provide investors with a combination of income and growth of capital consistent with a balanced commercial property portfolio. The Trust will generally invest directly in UK commercial property. The Trust may also invest directly or indirectly in any UK property, US and continental European commercial property. The Manager may, at its discretion, also invest directly or indirectly in other asset classes (unrestricted by geographical location), as set out below. Indirect exposure to property may be obtained through any or all of the following property related assets: transferable securities (including closed ended funds and /or warrants), collective investment schemes (including unregulated schemes) and derivatives (including futures, options, swaps, forward contracts and other derivatives) and other vehicles which invest in such assets (including, but not limited to, companies, trusts and partnerships). The Trust may also invest in the following assets: money market instruments, cash, near cash, deposits, derivatives, other collective investment schemes (including unregulated schemes), and government securities (including but not limited to UK government bonds, other sterling denominated government bonds, overseas bonds, and supranational bonds).

Effective date: 28 January 2014

Aviva Investors UK Absolute Return Acc (NUARA)

Old Investment Objective

The Fund aims to grow in value on a rolling 12 month basis, in any stockmarket conditions.This aim, however, is not guaranteed and it may not be possible to deliver growth in value over a rolling 12 month period, or over any period of investment and consequently your investment may be at risk.

New Investment Objective

To deliver a positive absolute return on a rolling 12 month basis, regardless of the prevailing stock market environment, by taking both long and synthetic short positions. This aim, however, is not guaranteed and it may not always be possible to achieve positive absolute returns over a rolling 12 month period, or over any period of investment. Consequently, investors’ capital may be at risk.

Aviva Investors UK Abslte Retrn SC I Ac (NUUAA)

Old Investment Objective

The Fund aims to grow in value on a rolling 12 month basis, in any stockmarket conditions.This aim, however, is not guaranteed and it may not be possible to deliver growth in value over a rolling 12 month period, or over any period of investment and consequently your investment may be at risk.

New Investment Objective

To deliver a positive absolute return on a rolling 12 month basis, regardless of the prevailing stock market environment, by taking both long and synthetic short positions. This aim, however, is not guaranteed and it may not always be possible to achieve positive absolute returns over a rolling 12 month period, or over any period of investment. Consequently, investors’ capital may be at risk.

Effective date: 27 January 2014

First State Global Opportunities B Acc (FTGOA)

Old Investment Objective

The Fund aims to grow your investment.

New Investment Objective

The Fund aims to achieve long-term capital growth.

First State Global Opportunities (FTGOP)

Old Investment Objective

The Fund aims to grow your investment.

New Investment Objective

The Fund aims to achieve long-term capital growth.

Effective date: 26 January 2014

Premier Defensive Growth Fund C Inc (PMDFI)

Old Investment Objective

To provide capital growth over the medium term.

New Investment Objective

The Fund aims to generate positive returns over a rolling 12 month basis. However, there is no guarantee that this objective will be met and there is always the potential of loss to some, or all, of your original capital.

Premier Pan European Prop Share Fd A Inc (PMEPI)

Old Investment Objective

To provide a total return from a portfolio which will mainly consist of European Investments

New Investment Objective

The Fund aims to provide income and long term capital growth from a portfolio which will mainly consist of European property company shares.

Premier Liberation Absolute Growth C Acc (PMLGA)

Old Investment Objective

To provide a total return from a portfolio which will mainly consist of European Investments

New Investment Objective

The Fund aims to provide income and long term capital growth from a portfolio which will mainly consist of European property company shares.

Premier Liberation Absolute Growth C Inc (PMLGI)

Old Investment Objective

To provide a total return from a portfolio which will mainly consist of European Investments

New Investment Objective

The Fund aims to provide income and long term capital growth from a portfolio which will mainly consist of European property company shares.

Premier Liberation No. V C Acc (PMLSA)

Old Investment Objective

To provide a total return from a portfolio which will mainly consist of European Investments

New Investment Objective

The Fund aims to provide income and long term capital growth from a portfolio which will mainly consist of European property company shares.

Premier Liberation No. V C Inc (PMLSI)

Old Investment Objective

To provide a total return from a portfolio which will mainly consist of European Investments

New Investment Objective

The Fund aims to provide income and long term capital growth from a portfolio which will mainly consist of European property company shares.

Premier Pan European Property C Acc (PMPEA)

Old Investment Objective

To provide a total return from a portfolio which will mainly consist of European Investments

New Investment Objective

The Fund aims to provide income and long term capital growth from a portfolio which will mainly consist of European property company shares.

Premier Pan European Property C Inc (PMPEI)

Old Investment Objective

To provide a total return from a portfolio which will mainly consist of European Investments

New Investment Objective

The Fund aims to provide income and long term capital growth from a portfolio which will mainly consist of European property company shares.

Effective date: 24 January 2014

Standard Life Glbl Abs Return Stratgy Ac (SLABS)

Old Investment Objective

The fund aims to provide positive investment returns in all market conditions over the medium to long term. The investment team who actively manage the fund have a wide investment remit to help them try to achieve this aim. The team look to exploit market inefficiencies through active allocation to a diverse range of market positions. The fund manager utilises a combination of traditional assets (such as equities and bonds) and investment strategies based on advanced derivative techniques resulting in a highly diversified portfolio. The fund can take long and short positions in markets, securities and groups of securities through derivative contracts.

New Investment Objective

The investment objective of the Trust is to deliver a positive absolute return in the form of capital growth over the medium to longer term in all market conditions. The level of return the Trust aims to generate over rolling three-year periods is equivalent to cash plus five per cent a year, gross of fees. Invested capital is however at risk and there is no guarantee that the objective will be attained.

SL Inv Global Absolute Returns Strat P1 (SLGAS)

Old Investment Objective

The fund aims to provide positive investment returns in all market conditions over the medium to long term. The investment team who actively manage the fund have a wide investment remit to help them try to achieve this aim. The team look to exploit market inefficiencies through active allocation to a diverse range of market positions. The fund manager utilises a combination of traditional assets (such as equities and bonds) and investment strategies based on advanced derivative techniques resulting in a highly diversified portfolio. The fund can take long and short positions in markets, securities and groups of securities through derivative contracts.

New Investment Objective

The investment objective of the Trust is to deliver a positive absolute return in the form of capital growth over the medium to longer term in all market conditions. The level of return the Trust aims to generate over rolling three-year periods is equivalent to cash plus five per cent a year, gross of fees. Invested capital is however at risk and there is no guarantee that the objective will be attained.

Standard Life Inv MyFolio Mgd Inc I Inc (SLVIA)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Managed Income I P1 Inc (SLFOB)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Managed Income I P1 Acc (SLFOA)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio Mgd Inc II Ac (SLYAB)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio Mgd Inc II In (SLYIB)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Managed Income II P1 Inc (SLFOD)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Managed Income II P1 Acc (SLFOC)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio Md Inc III Ac (SLYAC)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio Md Inc III In (SLYIC)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Man Inc III P1 Inc (SLFOF)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Man Inc III P1 Acc (SLFOE)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio Mgd Inc IV Ac (SLYAD)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio Mdg Inc IV In (SLYID)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Managed Income IV P1 Fd (SLFOH)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Managed IV P1 Fund (SLFOG)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio Mgd Inc V Acc (SLYAE)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio Mdg Inc V Inc (SLYIE)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Manager Inc I P1 (SLMBI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Managed V P1 Fund Inc (SLFOJ)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Managed V P1 Fund Acc (SLFOI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc I Acc (SLMAA)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc I Inc (SLMIA)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Manager Inc I P1 (SLMAI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc II Acc (SLMAB)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc II Inc (SLMIB)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Manager Inc II P1 (SLMDI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Manager Inc II P1 (SLMCI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc III Ac (SLMAC)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc III In (SLMIC)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Mangr Inc III P1 I (SLMFI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Mangr Inc III P1 A (SLMEI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc IV Acc (SLMAD)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc IV Inc (SLMID)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Managr Inc IV P1 I (SLMHI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Managr Inc IV P1 A (SLMGI)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc V Acc (SLMAE)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Standard Life Inv MyFolio MM Inc V Inc (SLMIE)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Manager Inc V P1 I (SLMIJ)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

SL Inv MyFolio Multi-Manager Inc V P1 A (SLMII)

Old Investment Objective

The Fund aims to provide an income-focused total return over the longer term.

New Investment Objective

The Fund aims to provide an income-focused return with some capital appreciation over the longer term.

Effective date: 13 January 2014

Henderson UK Equity Income Fund (HDEQI)

Old Investment Objective

Income in excess of the FTSE All Share Index and, secondarily, growth of your investment over the long term.

New Investment Objective

The Fund aims to provide dividend income with prospects for both income and capital growth over the medium to long term by investing primarily in United Kingdom companies. The Fund may invest in fixed interest and convertible securities as well as ordinary shares. The Fund may invest in other transferable securities, money market instruments, deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management only

Henderson UK Equity Income I Acc (HDUEA)

Old Investment Objective

Income in excess of the FTSE All Share Index and, secondarily, growth of your investment over the long term.

New Investment Objective

The Fund aims to provide dividend income with prospects for both income and capital growth over the medium to long term by investing primarily in United Kingdom companies. The Fund may invest in fixed interest and convertible securities as well as ordinary shares. The Fund may invest in other transferable securities, money market instruments, deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management only

Henderson UK Equity Income I Inc (HDUEQ)

Old Investment Objective

Income in excess of the FTSE All Share Index and, secondarily, growth of your investment over the long term.

New Investment Objective

The Fund aims to provide dividend income with prospects for both income and capital growth over the medium to long term by investing primarily in United Kingdom companies. The Fund may invest in fixed interest and convertible securities as well as ordinary shares. The Fund may invest in other transferable securities, money market instruments, deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management only

Effective date: 8 January 2014

SL Inv Select Income P1 Fund (SLISI)

Old Investment Objective

The investment policy of the Fund is to invest mostly in fixed interest securities. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, money-market instruments, deposits, cash and near cash, derivatives and collective investment schemes.

New Investment Objective

The objective of the Fund is to provide a total return from income and capital appreciation. The investment policy of the Fund is to invest mostly in fixed interest securities issued by corporations. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, moneymarket instruments, deposits, cash and near cash, derivatives and collective investment schemes. The ACD will use derivatives to reduce the Fund’s exposure to interest rate risk with the aim of reducing duration exposure to around two years.

Standard Life Select Income Fund (SLSEI)

Old Investment Objective

The investment policy of the Fund is to invest mostly in fixed interest securities. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, money-market instruments, deposits, cash and near cash, derivatives and collective investment schemes.

New Investment Objective

The objective of the Fund is to provide a total return from income and capital appreciation. The investment policy of the Fund is to invest mostly in fixed interest securities issued by corporations. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, moneymarket instruments, deposits, cash and near cash, derivatives and collective investment schemes. The ACD will use derivatives to reduce the Fund’s exposure to interest rate risk with the aim of reducing duration exposure to around two years.

Standard Life Select Income Fund Acc (SLSIA)

Old Investment Objective

The investment policy of the Fund is to invest mostly in fixed interest securities. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, money-market instruments, deposits, cash and near cash, derivatives and collective investment schemes.

New Investment Objective

The objective of the Fund is to provide a total return from income and capital appreciation. The investment policy of the Fund is to invest mostly in fixed interest securities issued by corporations. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, moneymarket instruments, deposits, cash and near cash, derivatives and collective investment schemes. The ACD will use derivatives to reduce the Fund’s exposure to interest rate risk with the aim of reducing duration exposure to around two years.

Standard Life Select Income Fund Inc (SLSII)

Old Investment Objective

The investment policy of the Fund is to invest mostly in fixed interest securities. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, money-market instruments, deposits, cash and near cash, derivatives and collective investment schemes.

New Investment Objective

The objective of the Fund is to provide a total return from income and capital appreciation. The investment policy of the Fund is to invest mostly in fixed interest securities issued by corporations. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, moneymarket instruments, deposits, cash and near cash, derivatives and collective investment schemes. The ACD will use derivatives to reduce the Fund’s exposure to interest rate risk with the aim of reducing duration exposure to around two years.

SL Inv Select Income P1 Fund (SLSIT)

Old Investment Objective

The investment policy of the Fund is to invest mostly in fixed interest securities. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, money-market instruments, deposits, cash and near cash, derivatives and collective investment schemes.

New Investment Objective

The objective of the Fund is to provide a total return from income and capital appreciation. The investment policy of the Fund is to invest mostly in fixed interest securities issued by corporations. The Fund may also invest in Government and public securities and other interest bearing securities anywhere in the world as well as other transferable securities, moneymarket instruments, deposits, cash and near cash, derivatives and collective investment schemes. The ACD will use derivatives to reduce the Fund’s exposure to interest rate risk with the aim of reducing duration exposure to around two years.

Investment Trusts & ETFs

Important information

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